As stocks headed into what was hoped would not be summer doldrums, many issues showed signs of needing some time out in the sun. Weariness in the list was apparent in several broad sectors, including home computers (led by Texas Instruments' expectation of a huge quarterly loss, suggesting a coming shakeout). But not to worry: The stocks of smaller companies took up the slack -- particularly technology, IPOs, and, in expectation of consumer spending, retailing -- and the long-term tone remained firm. Impressively, the NASDAQ Index continued upward into all-time high ground, as did H&Q's, which as of June had more than doubled from its lows last summer. Given a noticeable absence of top formations anywhere, at the solstice it looked like, once rested, equities would remain in good technical shape.
Aug 1, 1983