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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (24653)	9/27/1998 12:30:00 PM
From: Gottfried	Read Replies (3) \| Respond to of 70976

Brian, OK - I'll worry about something else then. How about John Murphy? He said recently... [snip] Jmurphy: I think the bear market we've entered will last longer and fall further than most people realize. I would suggest a 40% decline over the next year. WSJ_Host: How would you explain the recent rise in market despite Clinton's scandal? Jmurphy: I don't think the market is reacting to the Clinton situation. It has been falling sharply for a couple of months and is deeply oversold. It's due for a bounce; as simple as that. Rwaldock: What is the lowest you expect and WHY and WHEN? Jmurphy: I think the Dow could eventually go to the 6000-5500 region. That would bring it into line with long-term support. That probably won't take place until 1999, however. The market will probably find support in the 7500-7000 first and attempt a rally during the fourth quarter, which should fail.[snip] There you have it. The market is oversold but he expects another 40% drop. It's in Barron's - no less. subscribers interactive.wsj.com Gottfried