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Dow edges off from its peak

THE BALTIMORE EVENING SUN

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). . . . "As long as short-term rates don't climb significantly, there's little stock market danger from interest rates." (Wayne Wong, bond analyst). . . . "Because lower interest rates have fueled this huge rally, we may see this bull market movie played in reverse once rates begin to climb." (Mr. Ticker on "Wall $treet Week with Louis Rukeyser.")

LOCAL LINGO: Myron Oppenheimer, investment chief, Security Trust/Maryland National Bank (phone 244-6569) will mail his firm's Investment Letter. ("You can still extend bond maturities due to large differential between short and long rates, but don't be too aggressive now."). . . . Phone Dean Witter's Jack Rosenbloom (547-7027) for his firm's "25 Stocks for 1992," a conservative list, with charts and graphs. . . O'Connor, Piper & Flynn's Moses Morris Jr. told me, "Due to sharply lower interest rates, home sales are picking up. Our firm had its best January ever."

WINNERS ARE: Here, from Mark Hulbert's Financial Digest, are performance ratings of financial newsletters for the past 11 years, reported in Forbes, Feb. 17. Best recent overall performance: The Chartist, by Dan Sulivan. Most consistent long-term performer: The Zweig Forecast. Best stock rating service: tie between Zweig Performance Ratings Service and Value Line Investment Survey. Best mutual fund newsletter: Mutual Fund Strategist. Best "new kid on the block": Louis Navellier's MPT Review.

MIDWINTER MEMOS: A highly successful Baltimore Realtor told me, "I'm in real estate, that's my field, but I wouldn't dare pick my own stocks. I hire professional counsel to manage my investments on a discretionary basis.". . . On TV's "The McLaughlin Group," Newsweek's Eleanor Clift said, "President Bush took a year and a half longer than Herbert Hoover took to realize that we're in a recession.". . .

BALTIMORE & BEYOND: Black & Decker is listed under "Prime Beneficiaries of Lower Interest Expense" in S. & P. Outlook, Jan. 29. . . . One of the best questions I've fielded in 11 years of WBAL talk radio came last week from a 10-year-old boy: "To make money in stocks, I thought you were supposed to buy low and sell high. Why do most people do it the other way?" (Let's have your answers, readers.)

HOPEFULLY HELPFUL: Be sure to set up your IRA and your SEP (simplified employee pension) by April 15; check your accountant. . . . I will answer your "money" questions on WBAL Radio this Sunday, 1-2 p.m.. . . . Duty Free International stock, widely held here, is recommended by six newsletters. . . . Tomorrow, "Wall $treet Week" features global investing. . . TC "Banks are taking a step that could be ominous for the mutual fund industry: They're rolling out in-house funds and going head-to-head with established funds." (Business Week). The Kiplinger Letter predicts Congress will pass most of President Bush's economic proposals.

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