http://sac.uky.edu/~msunde00/hon202/p4/before.html

The New York times, Wednesday, July 3, 1929, Page 31, Col. 5 - SEES STOCK RISE JUSTIFIED--Moody Says Returns Are In Line With Industrial Activity

Friday, September 6, 1929, Page 1, Col. 7 - STOCK PRICES BREAK ON DARK PROPHECY--Drop in Hectic Last Hour As Babson's Prediction Of A Big Slump Is Printed

Page 12, Col. 2 -- BABSON PREDICTS 'CRASH' IN STOCKS--Says Wise Investors will Pay Up Loans and Avoid Marging (sic) Trading--FISHER VIEW IS OPPOSITE--Declares No Big Recession In Market Is Due, Because Inventions Are Adding to Health

Wednesday, Ocotber 2, 1929, Page 5, Col. 1--HAZELWOOD WARNS BANKERS ON CREDITS--He Tells Convention Tendency is to "Pass the Buck" On Market Loans to Reserve Board--CALLS THEM IRRESPONSIBLE--Not Reserve System's Duty to Assume Burden, Says President at San Francisco Meeting-- CONFIDENCE IS SHAKEN--But he declares that some institutions are overloaded at the present time

Sunday, October 13, 1929, II, Page 7, Col. 2--STOCK PRICES WILL STAY AT HIGH LEVEL FOR YEARS TO COME, SAYS OHIO ECONOMIST

Wednesday, October 16, 1929, Page 8, Col. 4--FISHER SEES STOCKS PERMANENTLY HIGH--Yale Economist Tells Purchasing Agents Increased Earnings Justify Rise--Says Trusts Aid Sales

Page 41, Col. 1--AYRES SEE MARKET AS 'CREEPING BEAR'--Fall of Prices Began Months Ago, He Says, but Was Hidden By Rising Averages--Decline In Autumn Usual--Recession This Season About 14 Per Cent, Against Normal Drop of 9, He Reports

Page 41, Col. 4--MITCHELL ASSERTS STOCKS ARE SOUND--Banker, Sailing From Europe, Says He Sees No Signs of Wall Street Slumo

Tuesday, October 22, 1929, Page 24, Col. 1--FISHER SAYS PRICES OF STOCKS ARE LOW--Quotations Have Not Caught Up With Real Values As Yet, He Declares--SEES NO CAUSE FOR SLUMP--Economist Tess Credit Men that Market Has Not Been Inflated, But Merely Readjusted

Wednesday, October 23, 1929, Page 1, Col. 4--STOCKS GAIN SHARPLY BUT SLIP NEAR CLOSE--Vigorous Recovery Markets Most of Day and Many Issues Show Net Advances-MARKET GLOOM LESSENED--Banking Support, Ease of Money and Mitchell's Optimistic Statement Help Rally

Now for the rest of the story--On to the Crash

I repeated this as a reminder to all of us, don't believe everything you hear and only half of what you see.

-- Dejavuelou (Dejavuelou@dejavuelou.com), August 02, 1999

Answers

This sounds just like Bloomberg TV. They are continually interviewing guests that inform us that everything is OK, maybe a dip here and there, buy on the lows, the only way is UP. Dejavue all over again.

-- y2k dave (xsdaa111@hotmail.com), August 03, 1999.

ABCNEWS.COM

Market Players See Light at End of Darkening Tunnel (Tuesday Market Roundup) The Street.com: 8/3/99 5:04 PM ET  Today's billion-share washout on the Nasdaq just might have been the near-term selling climax, Wall Streeters are hoping. Tech gauges sustained the brunt of the selling in another day of unpleasant (for those long) market internals, although the most public face of equities sidestepped the downdraft.

-- Mac (sneak@lurk.hid), August 03, 1999.

The Street.com

With an 0-2 Count, Stocks Look to Rally Back (Wednesday Wake-up Call), 8/4/99 9:19 AM ET  All right. Third time's a charm. Really. As with Monday and Tuesday, stocks look like they're heading higher this morning. There's the requisite bit of good news: Dow Chemical (DOW:NYSE) "merging with" (that's secret corporate-speak for "being taken over by") Union Carbide (UK:NYSE). European markets are behaving. The futures are pointing positive. Even the bond (and this is new) is showing some strength.

But will gains in stocks hold? Since the market topped out mid-July, investors have consistently used any strength in the market to lighten up.

The pattern has been for the markets to open up on the futures-buying in the morning and tag off in the afternoon," said Jim Volk, co-director of institutional trading at D.A. Davidson. "The market's going through a corrective phase, and people are concerned that the correction isn't over. When people are uncertain, the market continues roll over on light volume."

Chatter about how this year is like last year continues. Heck, it's even picked up, as people have begun to identify what they think are likely catalysts for the decline. There's a lot of talk about how the weakness of the dollar and the recovery in other markets could feed on each other, prompting a flight of capital out of the U.S.

That doesn't frighten you? Then consider margin and the Internet stocks. We saw last year the kind of damage one highly leveraged hedge fund, Long Term Capital Management, could do to the world's credit markets. Consider what, collectively, a group of highly leveraged Internet investors could do to the American stock market. How much of America Online's (AOL:NYSE) float was bought on margin? What was the principal? Dell (DELL:Nasdaq) stock?

People always find reasons for a decline. The problem is that, in markets, fears can become real. Worries about a flight of capital out of the U.S. can turn into a flight of capital. Investors taking money out of the dot-coms because they worry margin calls loom can take the stocks low enough for the margin calls to become a reality.

That's why it's so important that the market find its footing here. So these hypotheticals can fade.

-- Mac (sneak@lurk.hid), August 04, 1999.

Just so it's clear, that is the Street.com's writer talking, not me. I just posts 'em as I sees 'em.

Writer throws around terms like "damage" and "decline" and "fears" and "flight of capital". What a doomer. 8-}]

-- Mac (sneak@lurk.hid), August 04, 1999.