Word: stabler
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Dates: during 1940-1949
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...exponent, thought otherwise. The industrials and rails, said Phelps, would have to break their lows of last February (when the industrials were at 164.07 and the rails at 47.48) before a positive bear "signal" would be given. The New York Herald Tribune's financial editor, C. Norman Stabler, who thinks the Dow theory is a lot of nonsense, hooted: "Its recent history indicates that to have traded exactly contrary to the theory's signals would have been the only way to make a profit...
...Retreating Bear. Such dogged chart-watching and weaseling aroused the scorn of the Herald Tribune's C. Norman Stabler, loud exponent of the horse-sense school. He contended that the rally last May was actually the start of a new bull market. Stabler's thesis was that the market, having slumped in a period of rising production (see chart), had counted too heavily on a recession which has not yet developed. And alltime record earnings (see Earnings) made stocks bargains which people were sure to buy, thus bid up prices. (He ignored the fact that the rise began...
Last week, as events reinforced the limb on which he had long been impudently perching, Stabler gibed: "Get yourself a compass, a divining rod, walk backward through a dark alley at three minutes after midnight and everything will be made clear. The first of them who comes out honestly and admits that the hocus-pocus of the Dow theory made him miss nine weeks of the bull market will deserve a seat on the Stock Exchange, upholstered in bearskin...
Aping the theorists' own gibble-gabble, Stabler said that the rise "disposed of surmises that [it] is merely a secondary move within a primary swing after testing double tops on a northeast course follow ing raising of a right shoulder in a southwest storm...
...Coming Slump. One target of Stabler's sarcasm was Major L. L. B. Angas, the ruddy, cigar-smoking Briton who made a considerable splash in 1934 with his The Coming American Boom. Since then, Major Angas has offered his prophecies, at $25 a year ($100 an hour for private consultations). Last week some of Angas' titles were typical of his gloomy views : Psychology of the Coming Slump, Short-Run Rally, Not a Bull Market - Don't Be Fooled by the Rally...