Wall Treet Week

Edging down 15 points from Tuesday's record close, the Dow Jones average finished yesterday at 3,257.60. The Dow index now stands 3 percent above its Jan. 1 level and 24 percent ahead of New Year's Day, 1991.LOOKING AHEAD: "With individual money still pouring into the market, it's far too early to sell." (David Dreman, Forbes, Feb. 3). . . "When the market is too high, and individuals jump in and buy cats and dogs while blue chips hesitate, sell!" (Bernard Baruch, highly successful investor, 1920)

Edging two points lower, the Dow Jones industrial average closed yesterday at 3,254.25, only 1 percent below its all-time high. By contrast, Japan's Nikkei index recently fell below 20,000 to its lowest level in five years, off 49 percent from its peak of 38,915 set in December 1989.TAKE YOUR CHOICE: "In the typical presidential year, April and May often bring corrections, so it's wise to forgo purchases until the April-May time frame ends and earnings improve." (Intelligent Investing). . . . "When the speculative stock market party ends, there's a big hangover.

Interest rates will remain low for most of the 1990s, helping stock investments do better than bonds and much better than certificates of deposit and money market funds, a top investment strategist for PaineWebber Inc. told a Baltimore audience yesterday."

'Backyard Bash'Think you could anchor the evening news? Read from a TelePrompTer? Operate a news camera? Try your best at the Maryland Public Television Backyard Bash Sunday. Bring the family and learn firsthand how television is created. Meet MPT celebrities, including "MotorWeek" host John Davis and "HealthWeek" on-air talent. Watch live stage shows featuring Bob the Vid Tech, costume characters from "Sesame Street" and the "Puzzle Place." Sit in on financial workshops on the set of "Wall $treet Week with Louis Rukeyser."

Stock market investors have already seen that the 1990s are not turning out to be nearly as hospitable as the previous decade. But there are still ways to make money, according to investment managers who spoke at an annual investing luncheon yesterday, as long as investors don't follow the crowd into popular stocks and industries.NB That might mean shying away from most U.S. stock sectors, saidthe three panelists at the Baltimore Security Analyst Society's 1993 investment outlook at the Stouffer Harborplace Hotel.

Maryland Public Television and Bloomberg Business News L.P. said yesterday that they will team up to produce a daily morning business news program, which both described as a show more likely to appeal to financial professionals than average viewers.The show will be broadcast nationally on public television stations."We're not out to compete with the 'Today' show," said Michael Bloomberg, founder of the business-oriented news and information services company he runs in New York. "It's for professionals, in the same way that AM Weather is for meteorologists and pilots."

Upcoming guests and topics on "Wall $treet Week With Loui Rukeyser," produced by Maryland Public Television. It airs at 8:30 p.m. Fridays on Channels 22, 26 and 67 and is repeated Saturdays at noon on Channel 26 and Sundays at 12:30 p.m. on Channels 22 and 67.MARCH 15: "What Business Thinks of the Economy" -- Guest: Gail D. Fosler, chief economist, The Conference Board.MARCH 22: "Is It Time for the Market?" Guest: Robert J. Farrell, chief market analyst, Merrill Lynch & Co.MARCH 29: "Magellan After Lynch" -- Guest: Morris Smith, portfolio manager, Fidelity Magellan Fund.

The stock market has always been a rough ride for investors. For every boom to thrill us there is a bust to send us scrambling for the exits. Yet today, perhaps more than ever, average Main Street Americans are riding the Wall Street whirlwind without much of a safety net. Between our 401(k) and IRA retirement funds, our 529 plans and brokerage accounts, there are bonds and indexes to ponder, hedges and commodities to analyze. What's needed is a clear-headed adviser to give some reason to this chaos.

Moving 32 points higher yesterday on heavy volume, the Dow Jones average erased Tuesday's 1 percent loss. When Wall Street opened today the Dow indicator stood at 3,255.81, or 24 percent above its 2,619.06 level one year ago.WHAT NEXT? "Long term, we're still on the buyers' side. Our indicators, including the risk model, say last December's major buy signal should boost stocks to Dow Jones 3,500-3,800." (Smart Money) . . . "Our composite barometer remains bullish, but clearly the risk is there.

Advancing 25 1/2 points yesterday, the Dow Jones average edged to another record high. When Wall Street opened this morning the Dow indicator stood at 3,283.32. Five years ago today the DJ closed at 2,212.04.AND NOW WHERE? "Over the last 40 years, March has shown an average 1.1 percent gain in the S&P 500-stock index, fifth best month of the year. 'In like a lion, out like a lamb' describes its typically stronger first half than second." (1992 Stock Trader's Almanac). . . . "Because the collapse of short-term interest rates has been the biggest factor in the last 12 months' bull market, stocks may be vulnerable as rates rise.