The fund invests in municipal securities that are exempt from federal income taxes. The fund invests at least 80% of its managed assets in municipal securities rated investment grade (Baa/BBB or better by S&P, Moody’s, or Fitch) at the time of investment, or, if they are unrated, are judged by the manager to be of comparable quality. The fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The fund may invest in inverse floating rate municipal securities, also known as tender option bonds. The fund’s use of tender option bonds to more efficiently implement its investment strategy may create up to 10% effective leverage.
$227.03 total -----------------------------------------------
The U.S. stock market’s major trend now is down, so act accordingly.
That’s what the Dow Theory, the oldest stock market timing system that remains in widespread use today, is saying. It was created a century ago by William Peter Hamilton, who at the time was the editor of the Wall Street Journal. He introduced his theory in dribs and drabs over the first decades of the 20th century on that paper’s editorial page.
Though not all adherents of the Dow Theory see eye to eye on how to translate Hamilton’s editorials into specific market-timing rules, they generally agree that the market must jump over three hurdles before a “sell” signal is generated. They are:
Hurdle 1: Both the Dow Jones Industrial Average and the Dow Jones Transportation Average must undergo a “significant” correction from new highs.
Hurdle 2: In their subsequent “significant” rally attempt following that correction, either one or both must fail to rise above their pre-correction highs.
Hurdle 3: Both averages must then drop below their respective correction lows.Read the rest