WALL STREET: 20 Years Later

It was one of those historic events which Wall Streeters see only a few times in a lifetime. For weeks, they had nervously watched the bull market climb, waiting to see if it would top the crest of 1946's bull market. The peak: 212.50 in the Dow-Jones industrial average. Last week, after a surging rise of 6.18 points in four days, the market passed the 1946 high. At week's end, the industrials stood at 212.55, the highest closing level since Oct. 3, 1930.

Since such "penetrations" are nearly always the signal for a buying by Dow theorists and other Wall...