Word: selloffs
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Though Wall Streeters are uneasy about the swiftness of the rise, few expect a substantial selloff. Earnings and dividends are now more secure* than they were a few months ago, and many institutions are waiting for a dip to buy. What Wall Streeters call the "350 Club"-the bears who saw the industrials declining to that level last winter-has been dissolved; it has been reorganized as the "450 Club." But these analysts could be wrong again. "There are hundreds of professional investors and institutions who go down on their knees at night, praying that the market will return...
...break differed from previous shake-outs in one notable way: trading volume was light, never more than 2,600,000 shares daily, v. a 5,000,000-share day during the September selloff. Instead of a rush to sell, the drop was caused more by a reluctance to buy, notably by the big investment trusts whose purchases had pushed the blue chips so high. But Wall Streeters guessed that the 10% drop in prices, which had put the market in the same position where it had found strong support in the last two big corrections (see chart), had made some...