Bill Spetrino

Recently, a portfolio manager went on television and said the Dow would be as low as 6,300 by year end and Dow 4,200 by 2011. Did the market drop after his prediction? In fact, it went up the next two days.

The U.S. dollar is going to lose value over time. Few doubt that. But predicting rain is not as important as building arks. Many doomsayers are saying the best way to hedge against the weaker dollar is to buy gold, and gold is now just short of $1,000 an ounce. Is gold the best way to hedge now and is it worth buying?

Warren Buffett, the only man to make over $100 billion investing, and his multibillionaire partner Charlie Munger both believe that diversification is no protection against ignorance.

You have to be careful what you read on the Web. A perfect example was an article I read the other day about consumer goods companies. The article was well-intentioned and, except for a few material misstatements, was well done.

If S&P 1,017 is breached this week, which I doubt will happen, a run to 1,035 is not out of the question. Although a slight pullback would not surprise me, the overall bias is upward.