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Monday, February 3, 1997
The Daily Dow FOOL GLOBAL WIRE by Robert Sheard LEXINGTON, KY. (February 3) -- Get out the tea leaves, the crystal balls, ouija boards, call Karnac (or Dionne Warwick). It's that time again, pseudo-affectionately know in investing circles as Fed-Watch. That's right, the fate of the free (and not-so-free) world rides on the outcome of this week's Federal Reserve Open Market Committee meeting, or at least the pundits might have you believe so. Did Greenspan have oatmeal? Or poached eggs? The direction of interest rates may depend on it. Two pieces of toast or an English Muffin? Yes, yes, it all seems kind of silly, but it's probably not too outrageous a parody of the lengths to which some gooroos will go to get their predictions noticed. And hey, if they're wrong, who cares? You think anyone ever holds them publicly accountable? Rarely. And if they're right, they don't need public accountability. Their Public Relations and Marketing staffs take over and make sure we never forget they were right... once. Nevertheless, the lackluster trading today is largely the product of an anxiously waiting trading community. If the Fed leaves rates alone this week (as most people believe they will), then the focus simply shifts to their next meeting. Same song, next verse. For long-term investors who are looking down the road five, ten, thirty years, this meeting doesn't mean very much. If the Fed raises rates, are you going to sell everything and starting hoarding gold coins? Probably not if you consider yourself a Fool. If the Fed lowers rates (which few expect), are you going to go the full 50% on margin? Again, not if you're a Fool. Always separate the noise form the signal. For long-term investors, the day-to-day stuff is 90% noise. The market's up some 6% and we're just launching month two of 1997. That's a pace that would have the Dow more than doubling by year end, so don't be surprised if the market doesn't keep tacking on gain after gain right away. Patience, discipline, and a sense of humor, these are the Foolish qualities we all need to cultivate, come what may. Enjoy the journey, Fools.	The Current BTD 10 1. AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:T)") else Response.Write("(NYSE:T)") end if %> 2. *International Paper <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:IP)") else Response.Write("(NYSE:IP)") end if %> 3. *General Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:GM)") else Response.Write("(NYSE:GM)") end if %> 4. *Chevron Corp <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:CHV)") else Response.Write("(NYSE:CHV)") end if %> 5. *Minnesota Mining <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:MMM)") else Response.Write("(NYSE:MMM)") end if %> 6. Exxon <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:XON)") else Response.Write("(NYSE:XON)") end if %> 7. J.P. Morgan <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:JPM)") else Response.Write("(NYSE:JPM)") end if %> 8. Texaco <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:TX)") else Response.Write("(NYSE:TX)") end if %> 9. DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:XON)") else Response.Write("(NYSE:XON)") end if %> 10. Philip Morris <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:MO)") else Response.Write("(NYSE:MO)") end if %> ***NOTE: FOOLISH FOUR STOCKS ARE PRECEDED BY AN ASTERISK AND ARE ITALICISED Last Update: 02/03/97
Today's Dow Numbers Stock Change Last -------------------- T - 3/8 38.88 GM - 3/8 58.63 CHV - 1/8 66.25 MMM - 5/8 84.63 Day Month Year History FOOL-4 -0.68% -0.68% -1.17% 27.79% DJIA -0.10% -0.10% 5.55% 33.01% S&P 500 +0.07% 0.07% 6.21% 27.73% NASDAQ -0.28% -0.28% 6.59% 30.79% Rec'd # Security In At Now Change 1/2/96 155 3M 64.50 84.63 31.19% 1/2/96 198 Chevron 52.38 66.25 26.49% 1/2/97 231 Gen. Motor 55.75 58.63 5.16% 1/2/97 618 AT&T 41.75 38.88 -6.89% Rec'd # Security In At Value Change 1/2/96 155 3M 9998.09 13116.88 $3118.79 1/2/96 198 Chevron 10370.25 13117.50 $2747.25 1/2/97 231 Gen. Motor 12878.25 13542.38 $664.13 1/2/97 618 AT&T 25801.50 24024.75 -$1776.75 CASH $91.60 TOTAL $63893.10

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