Subdued Projections for a 1978 Market Rally
NEW YORKÛÓThe way the stock market started 1978, the portents seem to be for another disasterous year for investors after the 17 per cent slide in the Dow Jones industrial average last year in what some have dubbed the Carter market.</br></br>But many analysts remain hopeful that the current bear market could bottom sometime in the first half of 1978, perhaps sooner rather than later given the initial sleep slide, and that there then will be a rebound that will provide investors with some good profit-making opportunities.</br></br>The old Wall Street adage is that you don't make money buying after the market has gone up, only after it has gone down.</br></br>But projections for any major rally from the bottom are subdued because of the many uncertainties overhanging the investment outlook.</br></br>In the first five trading days of 1978, the market plunged 47 points and decisively broke ihrough the psychological 1300 barrier on the Dow which in the recent past had provided solid resistance. The Dow reached lows that have not been seen since the depths of the New York Cilv fiscal crisis in late 1975.