Green Book June 1998
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Featured Articles
Asian Emerging Markets—Buying the Weakness
An update on our Asia Pacific Market Opportunity Index.
Day To Day Stock Market Volatility
Only two of the twenty trading days in May closed with moves of 1% or more.
Gold Stocks: What Now?
Update on our North American Gold stock index.
Inside the Bond Market
Asian crisis not helping much (yet), putting brakes on strong U.S. economy (except on earnings)...Asia (including Japan) will become heavier “drag” on U.& in next six months...Inflation likely to increase slightly but still viewed as tame.
Insider Block Measures...An Update Of May Special Research Study
Insiders’ Big Block Transactions: latest reading indicating net selling at 16 year high.
Joke of the Month
This month’s winner is John McGinley, the proprietor of Technical Trends in Wilton, Connecticut. John is a frequent contributor but usually his humor does not make it by our Commissioner of Good Taste.
Major Stock Market Positives and Negatives
A review of the significant stock market positives and negatives as I currently see them.
May Mutual Fund Flows
Mutual fund investors’ enthusiasm cooled during May’s volatile stock market, leaving monthly total equity fund inflows at the lowest level since March 1997.
Scanning the Markets
May was a tough month, with only 18% of the sectors beating the DJIA (-1.8%) and 19% beating the S&P 500 (-1.9%).
The Not So Merry Month of May
May was malicious for most portfolio managers. Despite just modest declines for the S&P 500 and DJIA, 80% of Leuthold sectors were down more.
Valuations in Low Inflation Environments
Low inflation environments versus “new era” valuations. Examining low inflation environments only, with our “Upside/Downside” factors, there is still 34%+ downside to median valuation levels (1957 to date).
View From the North Country
Remembering Mister Johnson, the founding spirit of Fidelity. A “Balanced” mutual fund up 8% in a single day? Also, a reader response to last month’s comments on a new NYSE rule and how good were the good old days?
Table of Contents
Stock Market
- The Not So Merry Month of May
- Insider Block Measures...An Update Of May Special Research Study
- Major Stock Market Positives and Negatives
- May Mutual Fund Flows
- Broad Sector Earnings Momentum
- Day To Day Stock Market Volatility
- View From the North Country
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Asian Emerging Markets—Buying the Weakness
An update on our Asia Pacific Market Opportunity Index.
Day To Day Stock Market Volatility
Only two of the twenty trading days in May closed with moves of 1% or more.
Gold Stocks: What Now?
Update on our North American Gold stock index.
Inside the Bond Market
Asian crisis not helping much (yet), putting brakes on strong U.S. economy (except on earnings)...Asia (including Japan) will become heavier “drag” on U.& in next six months...Inflation likely to increase slightly but still viewed as tame.
Insider Block Measures...An Update Of May Special Research Study
Insiders’ Big Block Transactions: latest reading indicating net selling at 16 year high.
Joke of the Month
This month’s winner is John McGinley, the proprietor of Technical Trends in Wilton, Connecticut. John is a frequent contributor but usually his humor does not make it by our Commissioner of Good Taste.
Major Stock Market Positives and Negatives
A review of the significant stock market positives and negatives as I currently see them.
May Mutual Fund Flows
Mutual fund investors’ enthusiasm cooled during May’s volatile stock market, leaving monthly total equity fund inflows at the lowest level since March 1997.
Scanning the Markets
May was a tough month, with only 18% of the sectors beating the DJIA (-1.8%) and 19% beating the S&P 500 (-1.9%).
The Not So Merry Month of May
May was malicious for most portfolio managers. Despite just modest declines for the S&P 500 and DJIA, 80% of Leuthold sectors were down more.
Valuations in Low Inflation Environments
Low inflation environments versus “new era” valuations. Examining low inflation environments only, with our “Upside/Downside” factors, there is still 34%+ downside to median valuation levels (1957 to date).
View From the North Country
Remembering Mister Johnson, the founding spirit of Fidelity. A “Balanced” mutual fund up 8% in a single day? Also, a reader response to last month’s comments on a new NYSE rule and how good were the good old days?
Stock Market
- The Not So Merry Month of May
- Insider Block Measures...An Update Of May Special Research Study
- Major Stock Market Positives and Negatives
- May Mutual Fund Flows
- Broad Sector Earnings Momentum
- Day To Day Stock Market Volatility
- View From the North Country