Interesting excerpts from investment newsletters:

"Looking ahead on a longer-term basis, we want to be out of major global stock markets. We want to accumulate gold, silver, oil, and, finally, Asian stocks as the corrections in the various markets run their courses. We also, of course, want to continue to build a significant position in cash."

-- Adrian Day's Investment Analyst

Baltimore

"Before jumping on the bear bandwagon, investors should consider that the underlying fundamentals that have driven the market higher remain intact. The economy continues to be healthy, and first-quarter corporate profits posted their biggest gain in four years. If this is a real correction, keep in mind that it is an adjustment to the market's rapid rise and not a spectre of economic frailty."

-- Babson-United Investment Report

Wellesley Hills, Mass.

"We're picking up converts for a 'big bang' downside. Steve Leuthold sees the Dow 52 percent overvalued. Market observer Dick Russell sees potential for a 6 percent Dow [dividend] yield (or higher), . . . which would imply a decline of 80 percent from Dow highs. Phew! Earlier, friend Bob Prechter called for a downside figure closer to Russell's number. Plenty of investors, including some friends who should know better, have swallowed the bait of market utopia forever. 'Risk premium' is the new buzzword, a takeoff on a similar buzz from the 1920s."

-- Charles Allmon

Growth Stock Outlook

Chevy Chase

"Since the great bull market began in 1982, there have been five other bull-market legs. Those bull-market legs each saw the Dow rise between 68 percent and 154 percent. If the current bull-market leg were to match the smallest leg up since 1982, the Dow would reach 12,396. Given the wave structure and the strong upside momentum, there are good reasons to believe this leg up from the 1998 lows will carry the day well above that level."

-- The Jerry Favors Analyst

Columbus, Ohio

"Since many of our recent recommendations have already exceeded our rate-of-return targets, we are left with a dilemma -- let profits ride, or sell and redeploy. This difficult decision confronts every investor from time to time. Tying the sale to the purchase usually yields an answer. If you believed the stock could double within two years, and it doubled in just six months, take profits. If you believed the company's earnings could rise 50 percent in two years, and they didn't, get out. If an undervalued stock rallies and quickly turns overvalued, the market has made a decision for you."

-- Timothy Vick

Today's Value Investor

Hammond, Ind.