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The Daily Dow LEXINGTON, Ky. (Apr. 11): A light news day today for the Foolish Four, with the overall market going for yet another wild ride - up 24 points one minute, down 60 or 70 points the next, then climbing back to close virtually flat. Admittedly these are hard days to watch if you're an emotional investor (like I'm all to wont to be).
When I see my favorite stocks take me for a ride on the Pepcid Express, it's comforting to go back and look at the Dow Approach's long-term history. It's done amazingly well in good and bad markets and we've simply become spoiled in recent years in a market that almost never goes down.
As the bears are so fond of telling us, we haven't seen a sizable correction in years and we're long overdue. I suspect they're right. But since they've been saying it for several years now, it's hard to get too bothered about it. If this is the start (or middle) of one, I say good. Get it over with. The sooner it's finished, the closer we are to the beginning of the next nice patch.
The great thing about the Dow Approach is you don't have to worry about which market we're in now or will be in tomorrow. Ride them all out and compare your returns to the market timers over the long haul. I suspect your returns AND your garden or golf handicap will be in better shape.
On to the news. . .
Caltex Philippines announced that it will be deferring its plan to expand its refining capacity. Chairman William Tiffany explained the delay: "Our tight cash flow and low profitability dictate that we review of our expansion plans. ... However, we plan to continue our modernization of the existing refinery to enhance its processing capabilities and environmental performance." Caltex Philippines is jointly owned by Chevron and Texaco.
In more Dow oil news, Conoco (DuPont's energy unit) and state-owned Petrovietnam have signed an oil and gas production-sharing contract for blocks 133 and 134 off of Vietnam's southeastern coast, located near the controversial Spratly islands. The blocks are within Vietnam's territorial waters according to oil industry sources in Hanoi but the Spratlys have been claimed partially or totally by several countries, including Brunei, China, Malaysia, the Philippines, Taiwan, and Vietnam.
Transmitted: 4/11/96
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THE FOOLISH FOUR (4/11/96) |
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