Edging 12 points higher on extremely heavy volume, the Dow Jones average closed yesterday at 3,258.50, the sixth new high this year. Since the Persian Gulf war began one year ago, the DJ index has gained 860 points, or 35 percent.
AND NOW WHERE? "Investors should lower their expectations in 1992." (Louis Holland, portfolio manager) . . . "Stock market has plenty of problems; sell on strength." (Professional Tape Reader). . . "There could be another global stock plunge this year if, as in 1987, a loss of investor confidence develops." (Dessauer's Journal) . . . "Don't be an aggressive buyer now." (S&P Outlook) . . . "We're 98 percent invested in stocks; CD shock has sent stocks soaring." (Zweig Forecast) . . . "Let somebody else have the last 10 percent." (My father).
LOCAL MAILBAG: Jack Rosenbloom, Dean Witter (727-7027) will mail "1992 Strategy & Outlook." ("The government will be forced to provide tax relief to jump-start the economy, setting the stage for higher stock prices.") . . . Phone Legg Mason's Jerry Scheinker (486-8010) for his firm's "Mid-Atlantic Review" ("Why we like to invest in our own back yard") with comments on 30 regional stocks . . . Smith Barney's Rick Faby (494-1853) will mail a drug industry summary with 1991 performance of eight drug stocks which gained 30 percent vs. S&P index ahead 14 percent.
LOOKING BACK: Larry Denmark, owner, Lorraine's Restaurant, Owings Mills, relates, "In the Depression, on DeKalb Avenue, Brooklyn, my grandfather baked and sold bagels at six for one penny, day and night, keeping a family of 30 going."
LOOKING AHEAD: "Many people wait until December to make annual IRA deposits, but by making contributions in January you get a full year's worth of tax-deferred growth. Over 30 years the difference between investing $2,000 a year on Jan. 1 and Dec. 1 could add up to $58,000, assuming an annual growth rate of 12 percent." (Glenn Burkins in the Philadelphia Inquirer).
GET BUSY: Postcards are flowing in for our stock market contest. To enter, mail your postcard (letters not accepted) with your prediction for the Dow Jones closing average on Dec. 31, 1992, with your name, address and home phone number to Dow Jones Ticker Contest, P. O. Box JW-6000, The Evening Sun, 501 N. Calvert St., Baltimore 21278. No decimals, one card per person. Winner has dinner with Mr. and Mrs. Ticker, runner-up ditto for lunch. Ten new "money" books for next closest. Deadline: midnight Sunday, Jan. 26.
BALTIMORE & BEYOND: I will answer your financial questions Sunday, 1 p.m.-2 p.m., WBAL Radio . . . "An old saying goes, 'Bulls make money, bears make money, but pigs never do.' Being extreme is wonderful when right, a disaster when wrong." (Rex Rehfeld, Gruntal & Co.) . . . In "Dollar Stretcher," Baltimore is not listed among "16 Cities Where Hotel Room Tax is Over 10 Percent"; New York's tax is 19 1/4 percent! . . . MNC (Maryland National Bank) stock popped up in "Yearly New High" listings at midweek; the stock tripled in 12 months . . . "Top mutual funds in last 10 years were, in order, Fidelity Select Health, CGM Capital Development, Fidelity Magellan, TNE Growth, AIM Weingarten" (Mutual Fund Forecaster).