The market "crash, blood bath, massacre, panic or meltdown" on Oct. 19 has not been erased from investors' minds, according to Irving Katz, director of research for Thomas Green & Assoc./San Diego Securities.
Stocks continue to fall, buffeted by new lows in the dollar, rising commodity prices and loss of faith in the corrective measures undertaken by the Federal Reserve, Congress and the President, Katz said.
"It appears that we will have our recession on time," Katz predicted.
Savings and loans continued to "move South" with Home Federal Savings & Loan down 2 3/4 to 19 3/8, a new 1987 low, Katz said. Imperial Corp. of America touched its year low of 8 and Great American First Savings Bank was about one point away from its 12-month low.
Price Co. sank to a new low of 25 3/4 as institutions continued to desert retailers.
Other new lows were reached by Beeba's Creations, Medical Imaging Centers of America, IRT Corp. and Gascard Club.
The "disaster of the week" was Linear Corp., according to Katz. Linear fell 3 1/8 to 9 3/4 after Nortek put its proposed acquisition of the San Diego-based company at $13.25 per share on hold. Nortek said it wanted time to assess a lease expiration on the company's prime manufacturing facility in Hong Kong. The Providence, R.I.-based company also indicated that it might seek to renegotiate or terminate the offer.