After repeated stabs at cracking 3,000, the highly respected Dow Jones average finally closed above the psychological "barrier" yesterday for the first time in history. On heavy volume of 248 million shares, the DJ surged 17 1/2 points, finishing at 3,004.46. The Dow first closed above 1,000 in 1972 and breached 2,000 in 1987.
WHICH WAY NOW? (In proportion received): "Add to holdings; market may give some ground near-term, but I regard any short-term weakness as a buying opportunity." (Carter Randall). . . "The U.S. stock market is overvalued and overheated. Although upside momentum allows for higher highs in a top-building process, long-term momentum reveals severely waning upside power." (Robert Prechter). . . "Stocks look good, and I see DJ 3,100 before June. I like the small company stocks." (Ralph Acampora). . . "Overall market background does not justify all-out bullish positions." (Robert Nurock's Advisory). "This bull market is as healthy as a horse." (Cabot Letter). . . The "elves" (technical indicators) on "Wall Street Week with Louis Rukeyser" just flashed a "plus-five" outright buy signal. . . "Technically, the market looks strong, but fundamentally it's weaker than ever!" (Holt Advisory.)
BALTIMORE BEAT: Myron Oppenheimer, investment chief, Security Trust-Maryland National Bank, says, "Shortfalls in first-quarter earnings and worries that the Fed may not ease interest rates could cause stock weakness, but we would use that reaction to buy good quality stocks for the long-term." (Phone 244-6590 for the bank's Strategy Update). . . Signet Bank stock appears under "Rising Stars" in Standard and Poor's Outlook, April 10. ("Shares, off 58 percent from 1990 high, may be aided by 49 percent dividend cut which will save $20 million annually."). . . Merry-Go-Round stock is featured in the same issue. ("Although shares are up over threefold since their 1990 low, the stock can be accumulated by aggressive investors. Despite poor retailing climate, the firm posted strong sales and earnings growth numbers."). . . Rick Faby, Smith Barney (494-1853) will mail "Emerging Growth Stocks & Special Situations." ("NASDAQ industrials up 34 percent in first quarter vs. S&P up 13 percent.")