Which way now for the stock market?
BULL CASE: Moneypaper says, "The Value Line arithmetic index of 1,650 stocks hit a record high in July, as did the NYSE index of all 3,000 Big Board names. This was despite the fact that the better-known averages - Dow Jones, S&P 500, Nasdaq composite - were well off their peaks.
"The strength of the Value Line and NYSE indexes is a sign of stock market health. ... Wall Street is on a firm foundation for future gains."
ALSO CHEERFUL: "A Bush victory will bring a tax cut, which will boost the economy. A Gore win will provide a bigger pay-down of the debt, lowering interest rates and also pushing up the economy." (Smart Money)
TAX TIP: " If you keep a stock or mutual fund more than a year, your profits are taxed at a maximum 20 percent. If you sell in less than a year, gains are taxed as ordinary income." (Edward Mendlowitz, CPA)
WALL ST. WATCH: "To choose good biotechnology stocks, find out what drugs are in a company's research pipeline - and how close any of them are to FDA approval." (Kurt von Emster, Franklin Biotech Discovery Fund)
"After a 20 percent loss the previous two years, real estate securities look better. Real estate companies are exceeding projected growth rates, and pension funds are helping to drive the demand. Real estate investment trusts (REITS) pay substantial dividends, very attractive in today's market." (Mutual Fund News Service)