THE stock market has been on the retreat since about the end of April No market can keep moving in any one direction for too long without developing symptoms of exhaustion. It therefore needs to take a pause now and then to regain the necessary strength to push ahead on the set course. Even a cursory glance at the statistical data relating to the upward trend in equity prices (see tables) will show that while the market has come a long way since March 1988, it has had to beat a sizeable retreat during June-July and mid- November