Q. So when do you expect stock averages to start turning up?

Major stock averages rose yesterday for the first time in three days, with large-capitalization and transportation issues sharing the spotlight.

But no amount of warning could take the fright out of yesterday's record drops in all major stock averages.

All major stock averages are now at their highest points since March.

The move was expected and stock averages rose.

But the secondary stock averages, which had led the way up, were off by a quarter to a third from their peaks.

The December rally proved short-lived; most major stock averages have lost ground in 1992.

There is some indication that the performance of odd-lotters might be slightly worse than the stock averages.

Other stock averages showed little change, suggesting that the weakness was largely in solid blue chips.

If so, he thinks the major stock averages could fall 10 percent or 15 percent.