Investors’ Intelligence, in the most pessimistic outlook...

Investors’ Intelligence, in the most pessimistic outlook that it has published since June, 1982, recently reported that 57.3% of market analysts are bearish, 12.8% predict a correction, and 29.9% are bullish, according to Irving Katz, director of research for Thomas Green/San Diego Securities.

Contrarians think this is a positive sign for stocks because there is a pile of cash now sitting on the sidelines that is available to fuel the next rally, Katz said.

On Monday, however, the market continued to fall, and investors remained on the sidelines. Most San Diego stocks continued their meandering, moving a point or two either way, Katz said.

A new low was recorded by Great American Bank at $4.875 on Monday volume of 287,800 shares. The stock was down $1.125 for the week. Investors are concerned about the delay in Great American’s quarterly earnings statement, which was scheduled for two weeks ago.

HomeFed Corp., on the other hand, moved up and down $1 during the week and closed unchanged.

There was some good news helping some stocks rise. Cubic Corp. gained $1.125 to $17 for the week after reporting first-quarter earnings that rose 84% to 92 cents a share, up from $.50 during the like quarter the year before.

International Totalizator reported $.20 in fourth-quarter net income, and $.45 for the year, as the stock gained $.5625 for the week.

The best point gainer for the week was Mail Boxes Etc., which gained $3.25. The only new high was recorded by Magma Power at $33, which closed the week at $31.50.

Other upward moves were made by First National, up $1.125 and Maxwell Laboratories, up $1.

On the downside, San Diego Gas & Electric reacted to the unfavorable report of the staff of the Public Utilities Commission that came out against the merger with Southern California Edison. The stock closed down $1.25 for the week.

X-Scribe hit a new low of $.3125 as losses continued. The company lost $.06 a share in its latest quarter, compared to a $.65 loss during the like quarter the year before.

Annual meetings scheduled this week include Cubic on Wednesday, Psycor and Wavetek on Friday and DECOM Systems on Saturday.