Backing and filling on light volume of 141 million shares, stocks inched ahead 4.70 points yesterday on the Dow Jones average, closing at 3,017.89, now up 385 points this year.
TAKE YOUR CHOICE: "Because the Federal Reserve is on Wall Street's side, stocks aren't headed for a fall. Never fight the Fed." (Martin Zweig) . . . "We're in an economic recovery, so earnings will rise, as will stocks. What's more, interest rates will // fall farther. Get out of cash and into stocks." (Mary Farrell) . . . "Stocks are overvalued relative to earnings, book value and dividends. Upside potential limited, downside risk large." (LaLoggia's Report) . . . "Tally ho, and look out below! Get ready to buy stocks at lower prices." (Investment Digest) . . . "When the P/E ratio for the S&P 500 reaches 20, like now, it's a sure sign that earnings have catching up to do. Switch from growth to growth-and-income funds." (Fidelity Monitor)
BALTIMORE BEAT: "Average overall figures of 22 times earnings and three percent dividend yields are not positive and stocks are moving to overvaluation levels, providing little downside cushion." (Mercantile Safe Deposit & Trust) . . . "Greatest values in stocks are those close to the business cycle, and most overvaluation lies in defensive growth stocks." (Investment Counselors of Maryland) . . . Legg Mason's Gerald Scheinker (486-8010) will mail his firm's 35-page Mid-Atlantic Bank & Thrift Quarterly . . . Merry-Go-Round Enterprises is listed under "Stocks Recommended by 3 or More Newsletters That Outperformed the Wilshire 5000 Index Over Last 3 Years." . . . An 80-year Baltimorean recalls that mens' suits used to sell for $3.50 at Julius Gutman & Co. (my grandfather's store) and you could put them on "layaway" if you didn't have the full price when buying.