Green Book July 1990
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Featured Articles
Bond Market Summary
George Bush turned the bond market around during the last week in June, mentioning that “tax revenue increases” are needed. Long bonds rejoiced by moving up about two points in the last four trading days of June.
Brought To You By Your Friends (?) At the New York Stock Exchange
In recent months, two studies have been released on the subject of program trading, particularly index arbitrage. One concludes that index arbitrage activities do no real damage. The other tells it like it really is.
Continuing Client Questions
If the Index does shift to the positive side, how can you (in view of your own intrinsic value work) justify aggressively buying stocks? Considering the downside risk, is it really worth it to aggressively buy equities if your Index now turns positive? If your Index does turn positive, what are the chances it might be a whipsaw?
Earnings Momentum: Short Term Improvement?
While the three month earnings momentum work does not look at all encouraging, there was a glimmer of hope in June. In looking at the individual monthly data, earnings reports released in June were relatively good.
Joke of the Month
In an effort to improve the image of this publication, this month’s winner selection includes no veiled references to body parts, sexual activities or bodily functions. Instead, it is a thinking man’s (or woman’s) Joke of the Month.
Scanning the Markets
A performance run down for our equity market sectors ranked by 2nd quarter 1990 performance.
Still Cautious
The Major Trend Index shifted back down into negative territory on July 2. It is also worth noting that our Early Warning Index of intermediate tops turned negative on June 25 and remains negative. Thus, as of today, we still remain cautious and defensive in terms of the stock market.
VLT Momentum Update
Recently some clients have asked about the status of the Very Long Term Momentum Indicator. This stock market tool is the original creation of the late “Sedge” Coppock. While we have made some modifications in interpretation, it is essentially Coppock’s work.
View from the North Country
Innocents Abroad--Comments On Recent European Trip...Here Come The Trains--High Speed Train Travel...Natural Gas Into Gasoline?
Table of Contents
Stock Market
- Still Cautious
- Continuing Client Questions
- Brought To You By Your Friends (?) At the New York Stock Exchange
- VLT Momentum Update
- View from the North Country
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
George Bush turned the bond market around during the last week in June, mentioning that “tax revenue increases” are needed. Long bonds rejoiced by moving up about two points in the last four trading days of June.
Brought To You By Your Friends (?) At the New York Stock Exchange
In recent months, two studies have been released on the subject of program trading, particularly index arbitrage. One concludes that index arbitrage activities do no real damage. The other tells it like it really is.
Continuing Client Questions
If the Index does shift to the positive side, how can you (in view of your own intrinsic value work) justify aggressively buying stocks? Considering the downside risk, is it really worth it to aggressively buy equities if your Index now turns positive? If your Index does turn positive, what are the chances it might be a whipsaw?
Earnings Momentum: Short Term Improvement?
While the three month earnings momentum work does not look at all encouraging, there was a glimmer of hope in June. In looking at the individual monthly data, earnings reports released in June were relatively good.
Joke of the Month
In an effort to improve the image of this publication, this month’s winner selection includes no veiled references to body parts, sexual activities or bodily functions. Instead, it is a thinking man’s (or woman’s) Joke of the Month.
Scanning the Markets
A performance run down for our equity market sectors ranked by 2nd quarter 1990 performance.
Still Cautious
The Major Trend Index shifted back down into negative territory on July 2. It is also worth noting that our Early Warning Index of intermediate tops turned negative on June 25 and remains negative. Thus, as of today, we still remain cautious and defensive in terms of the stock market.
VLT Momentum Update
Recently some clients have asked about the status of the Very Long Term Momentum Indicator. This stock market tool is the original creation of the late “Sedge” Coppock. While we have made some modifications in interpretation, it is essentially Coppock’s work.
View from the North Country
Innocents Abroad--Comments On Recent European Trip...Here Come The Trains--High Speed Train Travel...Natural Gas Into Gasoline?
Stock Market
- Still Cautious
- Continuing Client Questions
- Brought To You By Your Friends (?) At the New York Stock Exchange
- VLT Momentum Update
- View from the North Country