One of the more cynical theories of stock-price forecasting is that when Wall Streeters finally become unanimous in their opinions, the market promptly does the exact opposite. That theory might help explain the market's spectacular flip-flop last week. On Monday, prices fell faster than on any day since the assassination of President Kennedy; the Dow-Jones industrial average sank 21 points. By Tuesday night, after another large drop, the average was down to 63], its lowest since 1962. Brokers and investors, who had watched stock values drop $280 billion in the long bear market, expressed their total gloom in bitter jokes. Sample...
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