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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Jordan who wrote (378697)	12/1/2008 1:32:43 PM
From: Lucretius	Read Replies (2) \| Respond to of 436258

LOL. i think he may break out into song today -g-

To: Jeff Jordan who wrote (378697)	12/1/2008 1:53:44 PM
From: Secret_Agent_Man	1 Recommendation Read Replies (2) \| Respond to of 436258

U.S. Stock Market ‘Bottomed’ Last Month, Birinyi Says (Update1) Email \| Print \| A A A By Elizabeth Stanton Dec. 1 (Bloomberg) -- The plunge in U.S. stocks that pushed the Standard & Poor’s 500 Index down 49 percent to an 11-year low last month is over, according to Laszlo Birinyi, who predicted the rout in financial shares. “The market will not again visit 750 on the S&P,” Birinyi, president of Birinyi Associates Inc. in Westport, Connecticut, wrote in a report today. While shares have “bottomed,” that doesn’t mean the benchmark index for American equities is poised to rally, the report said. Stocks posted their biggest advance in 34 years last week even as consumer confidence and new home sales sank and profits trailed forecasts. That’s a bullish sign for equities, Birinyi wrote. Other signs the S&P 500 won’t extend its tumble below its Nov closing low of 752.44 include disproportionate gains by financial and large-company stocks and negative investor sentiment, historically a contrarian indicator. Also, the drop through Nov. 20 fits a historical pattern in which the biggest declines of a bear market occur near the end, the report said. In the seven previous bear markets since 1966, 45 percent of the retreat happened in the final quarter of the timespan. As the S&P 500 fell 52 percent from a record 1,565.15 on Oct. 9, 2007, more than two-thirds of the drop occurred from Aug. 8 to Nov. 20. Birinyi worked more than 10 years on the trading desk at Salomon Brothers Inc. before starting his research and money management firm in 1989. He is known for pioneering money-flow analysis, which compares the dollar amounts moving into or out of a stock or index to establish whether it is being more aggressively bought or sold. Birinyi in an October 2007 interview said any recovery in financial stocks would be snuffed out as bad loans and lower revenue from underwriting reduce earnings. The S&P 500 dropped 5.3 percent to 849.2 as of 11 a.m. in New York. To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net