And virtually every week since mid-April, the economic indicators have given rise to bullish forecasts.

Upbeat earnings reports and bullish corporate forecasts appeared to outweigh those concerns.

Industry executives, who were basking in bullish forecasts as recently as a year ago, cannot agree on an explanation for the sudden downturn.

The company showed strong growth in its wireless business, which remains one of the hottest sectors around, and it issued a bullish forecast for the coming year.

"The Administration comes up with a bullish forecast, and all you can do is accept it."

In the United States, stock prices rose, owing mostly to a broad rally after a bullish forecast by Microsoft.

One thing that could go wrong with bullish forecasts for oil company shares is Government action.

Ruby Ma, who stages her own investment seminars in Berlin, recalled how all the major banks continued to publish bullish forecasts for EM.

Mr. Sinche's bullish forecast has the dollar rising and the euro falling to $1.25 to $1.20 by year-end.

He cited last week's bullish long-range forecasts for a return to hot, dry conditions in the Corn Belt.