Inside The Stock Market ...trends, cross-currents, and outlook
Insider Block Measures...Corporate Insiders Bearish On Stock Market
The latest reading has broken back above this extreme net selling line.
The Mixed Month Of May
The S&P 500 eased 2.5% in May, while measures of smaller cap stocks edged up 1% to 2%. Major Trend Index has shifted to negative status. Dow Jones 40,000?
Insider Block Measures...Registers A Sell Signal In April
The 10 week average temporarily broke through extreme net selling territory on April 21st. The latest reading (through April 28th) has broken back below this extreme net selling line...temporarily?
Have Cyclicals Become the New Market Leaders?
There were unprecedented sudden and dramatic changes in market character in April. Have Cyclicals become the new market leaders? Is Value investing finally going to start paying off again? Is the extended period of small cap underperformance finally over?
April Mutual Fund Flows
April net inflows into U.S. focus equity funds estimated at $23 billion, up from $15 billion in March. YTD equity fund cash flows still 25% below 1998 levels.
The Big Shrink
1999 YTD cash acquisition factor nearly $82 billion, over 2 ½ times totals for the last four years.
Internet Impact: Russell 2000
The Russell 2000 currently has an upside warp because of its Internet stock components. Many of these issues are now too big for this small cap measure, but remain in the index until the annual Russell rebalancing on May 31.
View From The North Country
Chasing the tale of past performance…The large cap indexing stampede. It’s not too late to get invested in emerging market funds. Also “Richer than your wildest dreams”…The advertising pitch of online trading firms. Who is protecting the public from this?
Volatility Update...Reaching Extreme Levels
April was another volatile month. Of the 20 trading days, seven posted moves of 1% or more (35%).
Revenge of the Nerds
I don’t ever recall seeing a month with such a sudden and dramatic change in market character, at least not in terms of sector and group leadership.
Volatility Update
Volatility remains high in 1999.
Insider Block Measures...Currently At Dangerously High Levels
The current high level of selling is forecasting a rocky road ahead for the stock market.
View From The North Country
Transcript from late February conference call with Steve Leuthold and Byron Wien covering a wide spectrum of timely investment topics.
March Mutual Fund Flows
There were two weekly periods of net redemptions in March, both occurring in down market weeks. Weekly inflows bounced back strong during the weeks the market rallied, but it is obvious that volatility of weekly cash flows has been a reflection of stock market volatility.
First Quarter 1999: Only Indexers And Internet Players Liked It
S&P 500’s cap weighted 5% Q1 return overwhelmed most active manager’s returns.
Profitless Prosperity
Earnings are declining, while stock prices are marching higher. GDP strong, but corporate profits have weakened considerably.
Online Trading: The New Gold Rush
Yes folks, it’s the road to riches. Quit your job, jump in front of your computer, and join the rush to the bonanza of online trading. With minimal work, and effort you could be set for life.
The Expected Flood Never Arrived
In December 1998, nearly everybody seemed bullish about early 1999 (including me). A seasonal flood of new money was expected to run the market on the upside in the first quarter…..But, the flood never came.
Insider Block Measures...Back Again At Dangerously High Levels
The extreme selling dollar volume is confirmed by the ten week average number of net sells. Latest weekly reading registered 290 net sells (a 40 week high) driving the average into bearish territory.
February Mutual Fund Flows
Net inflows into U.S. focus equity funds for February were significantly down from January.
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