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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (22498)	3/1/1999 1:38:00 PM
From: John Pitera	Read Replies (3) \| Respond to of 86076

take a look at what Julius Westheimer said on Wall Street Week on Friday night. I have never seen him make such a directly bearish comment in over 10 years. (Mkt could drop 2000 points) FROM THE BULLS: "I'm still bullish, fully invested," says JEFFREY APPLEGATE of LEHMAN BROTHERS. (WSJ, 3/1) "Over the last several years, we have seen a true structural improvement in the performance of our economy, in the performance of our corporations, that I believe justifies the improvement and increase in stock prices," says ABBY JOSEPH COHEN of GOLDMAN SACHS. "When I look at our work in terms of the next 12 to 18 months, I see no economic deterioration during that time and I think the bull market is intact." (CNN "Moneyline", 2/26) "It could be that stocks need to correct a little, say 5 percent [off their highs]," says JAMES PAULSEN of WELLS CAPITAL MANAGEMENT. "But I think the net result of all this is that the stock market goes on to new highs when yields come back down. ... The economy isn't going to die, and we will have falling interest rates. I think that is a pretty positive environment for stocks." (WSJ, 3/1) "I'm still a bull on stocks," says MACEO SLOAN of NCM CAPITAL MANAGEMENT GROUP. "I think investment grade stocks are out there, you just have to be very selective." ("Wall Street Week", 2/26) FROM THE BEARS: "I'm a bear," says JULIUS WESTHEIMER of FERRIS, BAKER WATTS. "I think we saw an indication [last] week that the market comes down, as well as goes up. There are a lot of very young people in our business ... who have never seen a down market because it's done nothing but go up since the early 1980s. So I would warn them that this sword cuts both ways. That doesn't mean that young people should stay out of the market, because they should get into the market. But keep your seatbelt fastened and prepare for maybe a 2,000-point drop in the Dow. It wouldn't surprise me a bit. After all, we're up thousands and thousands of points, so it could happen." ("Wall Street Week", 2/26)