"This summer may bring us a short rally, but there should not be any real breakout to the upside until the September-October time frame. No matter the resolution of these unknowns, stock prices will be higher at the end of the year than they are now, barring a major terror attack within the United States. You have the summer to position your investments for the rally. I continue to recommend high-quality companies like Paychex (PAYX), Pfizer (PFE) [and] EnCana (ECA)."

Roger M. Tweed

The Tweed Update

McLean

"The stock market has been unfolding as expected, with a major rebound rally off the March lows of 2003, followed by a secondary correction. . . . New developments notwithstanding, considerable overhead supply exists, so there is a lot of trading and volatility before we can see a sustained advance."

Richard L. Evans

The Renaissance Report

Flossmoor, Ill.

"The investment setting is clearly mixed, with the benefits of a healthy economy and higher earnings being balanced out by the specter of rising interest rates and the potential for further global unrest."

Selection & Opinion

The Value Line Investment Survey

New York

"We are making several changes within Best Buys. In the Master Pre-Retirement Portfolio, we are replacing PBHG Mid Cap (PAMIX) with Artisan Mid-Cap Value (ARTQX). The PBHG fund's performance has not been strong enough to compensate for PBHG's trading infractions. . . . In the Schwab Wealth Builder Portfolio, we are replacing American Century Emerging Markets (TWMIX) with Wasatch International Growth (WAIGX). Though the entire emerging-markets stock area has been under pressure, the American Century fund has been particularly disappointing. Wasatch International Growth emphasizes small companies in developed nations."

Sheldon Jacobs

The No-Load Fund Investor

Ardsley, N.Y.