---------------------- Forwarded by Scott Neal/HOU/ECT on 04/23/2001 12:39 PM 
---------------------------


"scott neal" <sneal12@mindspring.com> on 04/20/2001 08:37:28 PM
To: <Scott.Neal@enron.com>
cc:  
Subject: 



The Dow  topped out in February of 1966 at 995. By September of that year the 
Dow had  tumbled to 744. The Dow then rallied to a high of 943 in September 
of '67. By  March of '68 the Dow had fallen to 825, only to climb to a highly 
speculative  peak of 985 in December of '68. The Dow then sank to 631 in 
December of '70.  

By April of '71 the Dow had climbed back to 950, only to fall to 869 in  
February of '72. A big rally then took the Dow (unconfirmed) to a record high 
of  1051 in January of '73, turning everyone bullish. But by December of '73 
the Dow  had collapsed to 788. Think that was bad - by December of '74 the 
Dow had sunk  to a bear market low of 577. At that time, the gurus and 
geniuses of Wall Street  were predicting a 250 Dow and many were talking 
openly about the end of  capitalism. Of course, that was the bottom

And that's  the way the greatest bear market since the Depression worked its 
way down. By  late 1974 investors were dizzy, they were desperate, they were 
wrung-out, they  had left Wall Street, many for  good.