Don't Be Scared By Bad News From These Bears


Such is the eye-grabbing title of the latest edition of Stockmarket Cycles, the bible of long-term-trend followers. It pretty much sums up the atmosphere of fear that has descended upon Wall Street's chart-watching price-and-volume gurus, the technicians. You name it, they're scared of it: from twists and turns in the charts to "excessive" volume at the NASDAQ over-the-counter market--heralded as a sign of speculative frenzy--to the "put-call ratio" of, supposedly, wildly bullish options activity. Techies predict the outcome will be ulcers aplenty in 1993: a decline of 500 points or more in the Dow Jones industrial average.

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