That news lets some equity strategists breathe a little easier.

Most economists - unlike many equity strategists - do not see a big rebound in 1999.

Their moves are starting to pay off, according to a report by equity strategists at Lehman Brothers.

The rise in interest rates is causing equity strategists and money managers to reposition their portfolios.

While traders were encouraged by today's market activity, equity strategists and economists were cautious.

The day was toughest on the bears, those equity strategists who have been saying that the high-flying stock market had to be headed for a fall.

The mere fact that the big clients of these equity strategists are asking the question shows just how quickly the mood in the stock market has changed.

In addition, Mr. Roche said the perceptions of equity strategists are changing.

Top-down equity strategists are projecting 6.6 percent, down from 6.7 percent a month ago, according to First Call, which tracks earnings projections.

"It's not a pretty picture," said David Shulman, chief equity strategist at Salomon Brothers.