"By definition, the bottom of a bear market has to be the point of maximum bearishness. Maybe there still isn't enough bearishness and capitulation for the end to the bear market, but it seems to me there is sufficiency for a darn good year-end rally."

-- Barton Biggs,

Global Strategy,

Morgan Stanley,

New York

"The [stock market] indexes continue to be overweighted in technology and financial companies. . . . These won't recover for a while. Don't buy the stars of the last bull market when looking for profits coming out of this bear market. The end of the bear market and an economic recovery still are not sure things. I still recommend keeping significant portions of portfolios in bonds."

-- Bob Carlson's Retirement Watch,

Annandale

"Why mess with stocks when it seems that all they do is go down? For several indisputable reasons. If you put your money into cash, after taxes and inflation you're losing money right off the bat. If you put your money into bonds, you risk major long-term losses. The last time bond yields were nearly as low as today was in the 1960s. Fifteen years later . . . bond investors were down more than 50 percent. That's no way to retire. Put your money into stocks, however, and you're betting that our economy and society will hang together. . . . During the next 12 to 18 months, the odds on stocks have rarely been better."

-- Stephen Leeb,

Personal Finance,

McLean

"Although corporate earnings expectations for the fourth quarter of 2002 and the first half of 2003 are more realistic than they were even a few weeks ago, there still need to be reductions made before earnings expectations and stock prices are more closely aligned with the economy. . . . Until economic growth can meet or exceed expectations, the bear market will continue."

-- Roger M. Tweed,

The Tweed Update,

McLean

"This bear market will be over by late November. Thereafter, we expect a sustained nine-month advance to 10,000 [Dow], 1060 [S&P 500] and 1560 [Nasdaq], as the bull market resumes. We continue to believe the technology sector will lead this rally."

-- Steven Frenkel,

Frenkly Speaking,

Fair Lawn, N.J.