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The Daily Dow LEXINGTON, Ky. (Apr. 15): Comparing last week's market action and the start of action this week is the perfect example of why Fools don't bother trying to predict the market's short-term movements.
Last week, Blue Chip stocks were hammered on Monday, Tuesday, and Wednesday, and again Thursday morning until suddenly everything turned around. Thursday afternoon saw a 70 point loss regained and Friday the market was up 45 points. Today, up another 60. Did the world change last week or this week? Of course not. Did the 30 Dow companies suddenly become different businesses. Of course not. So why the volatility? Who knows? (And that's rhetorical ... no Fool will really try to answer.)
The point is that you shouldn't even try to figure it out. Your stock portfolio is a vehicle for savings for a very long time. Your goal is to be in good companies that will outperform the market over the next 6-12 months, not the next 6-12 days.
If you can take the long-term outlook and ignore the volatility when the moon-cycle changes or when the Mets have a winning streak (I can hear you laughing now) or when some gooroo predicts the demise of the world as we know it, you'll be the one smiling back at the Wise ten or twenty years hence, retired comfortably on the back of your boring portfolio. Ahh ... what a simple Fool you've been all these years, ignoring the Netscapes and the Yahoos and whatever the craze du jour is.
As for news on the Foolish Four, not much today. Chevron announced that its methyl tertiary butyl ether plant in Edmonton (a joint venture with Neste) will be shut down for maintenance beginning May 13. The plant is expected to be shut down for nearly three weeks in order to work on the plant's drier regeneration unit, problems with which have constrained output to 70% or 80% of capacity since January.
Minnesota Mining received a touch of good news from Moody's Investor Service today. Moody's began reviewing 3M's debt rating for a possible downgrade in November but has left the Aaa long-term debt rating in place. Moody's believes 3M's planned spinoffs of its data storage and imaging businesses will improve margins and make earnings growth more predictable.
Fool on!
Transmitted: 4/15/96 5:44 PM
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THE FOOLISH FOUR (4/15/96) |
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