Charles Devalle says: “Just when you thought things were at their worst, now investors are worrying about the election. Obama wants to pull troops from Iraq, which would mean less defense spending. McCain isn’t in a hurry to pull troops out, which means a continuation of defense spending.”

Evaluating Your Portfolio. Today, we have a holiday special edition of Penny Sleuth. Author Stephen T. McClellan gives some useful advice on embracing this July 4 as a time to reassess your portfolio. Enjoy…

Editor’s Note: If someone offers you tax-free interest on your investment, you’ll probably be interested. If the rate is higher than your existing taxable one, you’ll bite their hand off. Steve Sjuggerud says municipal bonds offer just that, relative to their 10-year Treasury counterparts. And if Barack Obama is elected, Steve thinks these muni bonds will soar…

Editor’s note: When is it time to short a stock, asks Charles Delvalle. Check the dividends – if they’ve cut them down or cut them out, then get shorting…

So I had a flashback recently. (Not an acid flashback, mind you — never tried the stuff — but a market flashback). It was almost 10 years ago on the nose: August 1998. I was a wet-behind-the-ears college grad, and I’d just flown into Reno/Tahoe for a job interview with Commodity Resource Corp. I’d never seen Tahoe except in pictures (though, of course, I’d heard how amazing the place is).