Mark, whats "the pinch"?
235 Points Later, the End Is Near
By James J. Cramer
5/27/99 4:34 PM ET
Don't you wish that, for once, the talking heads would say this: "The Dow gave back a little more than it made yesterday in a no-big-deal session."
Instead, the day after the market was up 170 points, a 235-point decline not only seems to wipe out yesterday's gain, it tends to wipe out -- at least in these guys' eyes -- the run from 800 in 1982.
When I think about all the reasons Marty Peretz and I started TheStreet.com three years ago, I come back to two of them: the reckless and irresponsible way the press portrays every down day as the end of the world/planet/solar system/galaxy/universe, and the reckless and irresponsible way certain reporters portray every prospective deal, including deals that aren't happening.
All I can say is the shenanigans of the Merrill (MER:NYSE)-Chase (CMB:NYSE) takeover story yesterday on another Web site, coupled with the dire prognosis based on some foolproof report from some pooh-bah Fed watcher we heard about all day on TV, make us more relevant than ever. And make them more egregiously wrong than ever.
To me 235 minus 170 equals 65 points, on a 10,600 basis. Or, in true Dow Jones terms: peanuts.
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