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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Justa Werkenstiff who wrote (7739)	8/14/1999 5:35:00 PM
From: Ian@SI	Read Replies (1) of 15132

A guote from my hero... Laszlo Birinyi, head of Birinyi Associates, a Greenwich, Connecticut, research firm, noted that at Tuesday's close, the 10-day advance/decline line on the New York Stock Exchange got below negative 7000 for only the second time this decade. This reading meant that the cumulative total of Big Board losers versus winners over the prior 10 days totaled more than 7000. Some would have viewed the poor advance/decline line as a predictive indicator and have been concerned about the market outlook. But to Birinyi, the advance/decline line suggested that stocks had experienced a sizable setback and were poised to rally. Birinyi believes the gloom-and-doomsters who have been focusing on higher interest rates, the growing U.S. trade deficit and a weakening dollar will be proven wrong. "The negative case for stocks is always more articulate than the positive one," he maintains. "The negative arguments tend to focus on the here and now, but the stock market looks ahead -- it's a discounting mechanism." A bullish Birinyi sees the Dow hitting 12,000 by year-end. ++++++++ Whole story at: interactive.wsj.com

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