If it's Tuesday, it must be the Tuesday Morning Stock Market Minute, in which I update the health of the stock market based on several sources I purchased myself at great expense.
- Yesterday, "[c]rude rose 76 cents to close at $46.35 a barrel, just 4% off its Aug. 20 high." In other news, "the Fed meets Tuesday to discuss short-term interest rates. Consensus calls for a quarter-point hike, to 1.75%." (Investor's Business Daily)
- "The better market tone could be sustained, in our view, but only if the news on oil, the economy, and terrorism remains fairly benign." (The Value Line Investment Survey)
- "[W]e continue to recommend a more cautious than normal stance toward equities, with significant allocation to other asset classes in general, including cash." (Mark Boucher of TradingMarkets.com)
My stock advice: In a process that began last week, the Schaeffer Fund is gradually covering its shorts. When this process is completed, it will put the fund primarily into cash, waiting for opportunities if the uptrend continues. Meanwhile, please don't forget: never get your stock advice from a weblog!
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