Reversing a 75-point, 11-day downtrend, the Dow Jones average edged up four points yesterday, closing at 2,987.03. Investors still worry that 1991 may duplicate previous years' "September slaughters" and "October massacres."
WALL ST. WATCH (in proportion received): "For the past few months, low cash levels among institutional investors and mutual funds have been disturbingly low. This means that even if other factors are favorable, there isn't enough firepower to boost stocks." (Wall Street Journal) . . . "From a technical perspective, the stock market looks bad." (Lynn Elgert Letter) . . . "Although stocks may look a little overvalued now, they really aren't because earnings will be much better next year." (Financial Commentator) . . . "Based on history, stocks will begin a slide in September that will accelerate in October before a November recovery." (Hamilton Investments) . . . "Stock market post-mortems don't pay dividends." (Jesse Livermore, highly successful investor many decades ago)
NEW YORK DIARY: A "21 Burger" at 21 Club restaurant now sells for $21.50 vs. $14 several years ago. (McDondald's on 7th Avenue sells them for 95 cents, not quite as tasty.) . . . Asked about the recession, the "21" Maitre d' said, "We had ours last year; things are picking up now." (The place was mobbed) . . . Upon our host's request, I was deep into figuring a 15 percent tip on a $147 luncheon-for-four check (no drinks, two appetizers, one dessert) when the headwaiter placed this slip in front of me: "If you would like us to automatically add a 20 percent gratuity to your bill, check this box." (I didn't check it.) . . . Elevator directories in Saks 5th Avenue are now printed in Japanese, German and English . . . "If you have a fever, get out of bed; the fever will find someone else." (Mercedes McCambridge, the cranky grandmother in "Lost in Yonkers," a Neil Simon Broadway hit I rate C-plus at best.)