Something looked familiar in yesterday’s front-page Money & Investing section of The Wall Street Journal with a story on the current phase of the stock market, notes Grumpy Editor.
Hey, it resembled a similar piece three months earlier, also on the front page of Money & Investing.
Is the Bull Pulling Up Lame? was the main line in the June 22 edition with the Dow Jones Industrial Average at 8539.73.
As Dow Nears 10000, Some See Bears Ahead, read yesterday’s headline across the top of the page after Friday’s Dow closed at 9820.20 --- up 1280 from three months earlier.
Both stories, appearing on Mondays, were written by staffer E.S. Browning.
“Many analysts believe that stocks are again in such a turbulent period (as in the 1930s and the 1970s), and that this rally could lead to another slump,” Browning wrote in yesterday’s paper.
In the June 22 version, Browning said: “Many analysts see a pullback ahead, and they are debating whether it will be just a temporary annoyance or something bigger and more painful.” He went on to mention, “Pessimists think the damage could be greater, and the real pessimists worry that stocks could fall to new lows by autumn.”
Today is the first day of autumn and, while the Dow was off by 41.34 points yesterday, it stood 1239 above the June 22 level.
UPDATE: The market today erased yesterday's dip with a gain of 51.01 points to 9829.87, attaining a new high for 2009.