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Despite the recent selloff in stocks, both the Standard & Poor's 500 and the Dow still yield less than 3 percent, a historically low level, observes Market Logic newsletter (3471 N. Federal Highway, Fort Lauderdale, Fla. 33306). "This is not a sign of a major market bottom; rather it is a historical indication of a broad market top. Furthermore, as is evidenced by the recent rise in interest rates, the Federal Reserve is no longer an ally of investors."

- Advantage Special Fund's advantage is that it can focus on some of the smallest stocks in the small-cap universe and some of the biggest growers among them, stocks that appear in few other small-cap-fund portfolios. It's become special because its 19.03 percent average annual gain over the past three years is more than twice the general market's. Recent favorite stocks: Canandaigua Wine, Roadmaster Industries, Taco Cabana, Wabash National, Value Health, National Bounty.- No stock group has been hurt more by rising interest rates than utilities. But their decline has also increased their yields. Kemper Securities recently recommended four nuclear-free utility stocks with an average yield of 6.8 percent, stating that, "despite nuclear utilities' fuel diversification and their lack of air emissions, some investors prefer to avoid nuclear-related investment risk entirely." Kemper's non-nuke quartet: IPALCO Enterprises, Pacificorp, Public Service Colorado, TECO Energy.

- Growth stocks are those whose earnings rise steadily. Cyclical stocks are those whose earnings improve as the economy improves. But you don't always have to choose between these two camps, says Dow Theory Forecasts (7412 Calumet Ave., Hammond, Ind. 46324). "We prefer what we call `cyclical growth' issues. They not only benefit from the stronger economy, but also have solid finances and attractive long-term fundamentals. Some examples: Dover, Emerson Electric, Morton International, Norfolk Southern, Rollins Truck Leasing."

- Before buying municipal bonds through a broker, advises Michael Niedermeyer writing in Better Investing magazine (1515 E. Eleven Mile Road, Royal Oak, Mich. 48067), "ask if the broker has access to an on-line service such as that recently developed by J.J. Kenney Information Systems, which provides a comprehensive database of key credit features for virtually all munis currently outstanding. Such a service is vital for answering credit questions and providing accurate information for portfolio analysis."

- The declining stock market may have taken most mutual funds down with it since 1994 began, but the average fund is still up over 455 percent over this 12-year bull market. Many funds have done even better. Here, according to Mutual Fund Values (3471 N. Federal Highway, Fort Lauderdale, Fla. 33306), are the best-performing general stock funds, 1982-1994: CGM Capital Development (up 1,174 percent), Fidelity Magellan (up 1,036 percent), AIM Constellation Growth (up 1,026 percent), Fidelity Destiny I (up 968 percent), New York Venture (up 905 percent).

- The gold skeptics claim that when prices top $400, Asian buying dries up, observes The Dines Letter (P.O. Box 22, Belvedere, Calif. 94920). "In fact, overall demand for gold fell only 1 percent last year, despite a 20 percent jump in bullion prices. We believe gold has only stayed at these levels because of central bank selling, miners' futures selling and the disbelief of those who don't comprehend the dangers of a possible upheaval in paper currencies."