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Article: Tao of Dow: stock index may plunge; correction could be around corner. (2003 Economic Outlook).
- Article from:
- Investment News
- Article date:
- January 6, 2003
- Author:
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Dow Jones Industrial Average may no longer be the "safe haven" index it was through much of the bear market.
While most market prognosticators see near-term opportunities for small- and mid-cap stocks, Cincinnati-based market analyst Bernie Schaeffer says the outlook is a bit more black and white.
"I do see the potential, during the first half of the year, of the Dow getting below 6000," he says, characterizing the current 8700 levels as a "bubble." The last time the Dow slid below 6000 was in October 1996.
According to Mr. Schaeffer's technical analysis, the "headline index" Dow has yet to correct in stride with the other major indexes, ...