No. of Recommendations: 13
August 23, 1982:

With the Dow Jones Industrial Average up more than 10% in the past few days, has a bull market begun? "No way," say Wall Streets experts. "This isn't to be looked at as the beginning of a major bull market," says Goldman Sachs investment strategist Steven Einhorn, "because it hasn't been validated yet by economic activity." Richard McCabe, technical analyst at Merrill Lynch, scoffs, "We think the market will come back in the fall to test its old lows [around 777 for the Dow Jones Industrial Average]." In reality, the Dow never again comes within a country mile of the 777 level, and one of the greatest bull markets in history is already charging ahead.

--Gary Putka, "If Buying Spree Is for Real, Why Is Economy Wheezing? Investors Ask," The Wall Street Journal, August 23, 1982, p. 30
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