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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread -- Ignore unavailable to you. Want to Upgrade?

To: Boca_PETE who wrote (3724)	3/15/2008 2:43:58 PM
From: Investor2	Read Replies (1) \| Respond to of 10065

Snips from an article: "In the past two weeks, all the market averages have plunged to new lows as Wall Street, beset by cruel economic news from all sides, has time after time been unable to mount a sustained rally. That is a discouraging omen, an indication that the bottom has not been reached, many securities analysts say, and a sign that even the most steel-willed optimists may be about to throw in their towels. ..." ... "Though the consensus is that the market is in for a tailspin, there is no clear idea on how to play it and confusion seems to be the order of the day. ''Nobody can tell if the we're starting a depression or ending one,'' said a mutual fund manager who asked to remain anonymous. ''The market is one giant gamble.'' " ... "Many bulls - while they concede that a sharp decline is likely - are acting on the longer-term assumption that a boom is coming on the other side. They are determined ''to tough it out,'' said Robert J. Farrell, chief market analyst at Merrill Lynch, Pierce, Fenner & Smith Inc. It is just that group of optimists, Mr. Farrell said, that must be driven to sell before the market hits bottom. Mr. Farrell calls it a ''capitulation'' phase - a time when everybody simply gives up. ''It doesn't have to be a lot of screaming and 100-million-share days,'' he said. ''It can be a disinterest in stocks and a preference for something else.'' As Mr. Farrell figures it, a final sell-off could come by November and maybe sooner. ..." The article sets out the bear case quite well. Interestingly enough, the article was published on August 15, 1982. nytimes.com Best wishes, I2