Bill Fleckenstein, the BEAR! Is he finally right? Message Board

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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right?

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To: The Ox who wrote (159)	9/30/1998 4:56:00 PM
From: Bucky Katt	Read Replies (2) of 259

U.S. blue chips end worst quarter in eight years The Dow Jones Industrial Average settled off 237.90 points, or nearly 3 percent, at 7842.62. The blue chip index fell 12 percent in the third quarter that ended Wednesday, its worst performance since a 15 percent slide in the same quarter of 1990. The 30-year Treasury bond, whose yield is a benchmark for long-term interest rates, gained more than two full points, pushing the yield down to a record low of 4.96 percent at close of stocks trading. The stage was set for a slide by a tumble on overseas markets overnight, led by Japan's Nikkei stock index, which fell to its lowest level in 12-1/2 years amid ongoing worries about the stability of financial institutions. Fears of a consumer slowdown in the United States was behind the quickening sell-off in retail stocks, which hitherto had been considered almost bullet-proof, analysts said. More profit warnings from U.S. companies and worries about the exposure of banks and brokerages to hedge funds following the near collapse last week of Long Term Capital Management, compounded Wall Street's disappointment over the Fed's easing. Just wait till all the yuppies get their crappy 401k statements in the next week. In plain words, it's over.

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