Word: shakeout
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Wall Streeters have grown superstitious about holidays, and with good reason. The crash that ended 1946's bull market followed the long Labor Day weekend. The Memorial Day weekend in 1949 brought another shakeout. But last week the stock market exorcised the hex. In a buying surge the day before Thanksgiving, stocks started up, and kept right on going after the holiday...
...twelve months of advance, Wall Street's bull market had not once experienced a real shakeout. This had caused some cautious traders to keep their fingers crossed, and wait to see how the market would withstand such a test. For a little while last week they thought the test had come...
According to the folklore of Wall Street, a rising market needs a periodic shaking out to give it firmer footing for a new rise. Such a shakeout might well come, simply because enough people think it will and, by selling in preparation for the shakeout, cause it to happen. But there was no reason that it had to happen. "This market," chirpily insisted Wall Street Analyst Ben Davis, "is a one-way street, which will run without appreciable reaction up to the dead-end marker...
Then, in midweek, the market proved what many a wary trader had long doubted: that it could withstand a shakeout in the television shares, many of which had soared too far too fast. The shakeout was helped by reports that television's expected summer slump had already started. Although manufacturers promptly announced that they were actually increasing production, leading television shares slumped from two to four points in one day. Yet the market as a whole hardly even quivered and the next day it bounced upward again...
...free from any point in the U.S., pay for his stay in Chicago until his car was delivered. In Detroit, the McMillan Packard agency distributed self-addressed postcards to its old customers, paid them $20 apiece for every tipoff that led to a sale. It looked as if the shakeout in the one big industry not yet affected by the recession might...