Inside The Stock Market ...trends, cross-currents, and outlook

Secondary stocks’ August performance, growth vs. cyclical and growth vs. value performance, S&P and DIJA historical valuations and the Royal Blue Index.

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Playing The Game (Investment Management): Some Insights and Criticisms From Walter Cabot Of Standish Ayer & Wood...Tokyo Stock Market Update...Gasoline Prices Are Historically Cheap When Adjusted For Inflation...Country By Country Union Membership Statistics

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In July, the stock and bond markets pretty much moved in lock step and recovered what June gave away. Secondary stocks did not as a class fare quite so well.

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Tony Tabell (Delafield, Harvey, Tabell Inc.) often has interesting statistical studies in his weekly market letter. By Tony’s calculations, August historically has been the second best month of the year for the stock market.

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Natural Gas…now may be the time to start taking a contrary approach. Also, improving the delivery of government services as an alternative to increasing taxes (Arthur Laffer idea).

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From time to time, there are client inquiries concerning the foundations of The Leuthold Group’s fundamental intrinsic value judgements, relating to the S&P 500, 400 and the Dow Jones Industrials. Here is a current data summary regarding these three stock market indices.

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The second quarter of 1991 is history. While the market averages ended the second quarter about where they began, our Major Trend Index has lost quite a bit of ground in the last three months.

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Has the June stock market decline set the stage for a good second half for stocks?

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At this point, our work does not yet confirm a longer term shift in market leadership from growth to cyclical. Perhaps such a confirmation will take place in coming months (we suspect it will).

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These days everyone seems to be focusing on the bulging supply of new equity, the IPO buildup, new equity financing by existing companies, secondary offerings, etc. How much is too much? When will the new supply burden break the back of the bull market?

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Are Value Managers an Endangered Species? Some observations and analysis. Also, a critical look at the S&P Mid Cap Index and have you ever been in Voice Mail Jail?

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Polling the Pros at Leuthold Group Luncheons...Derivative Markets Still Swing the Stock Market Up and Down

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The stars of May, at least the last half of the month, were the stocks and groups most sensitive to the business cycle.

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We have surveyed the record of the S&P 500, examining performance in the first half and second half of each year. We focus here is on years with truly outstanding performance in the first half. What happened to the index in the subsequent six months?

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Last month this publication noted that “deep cyclicals” were intriguing but unimpressive from a technical standpoint. Then in the last two weeks of May, the cyclicals exploded on the upside, especially in the last week of the month.

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The surge so widely advertised in the press and in financial circles primarily reflects a loss of investor and speculator confidence in Europe, not massive new respect and confidence in the U.S. dollar. Also, for the U.S. investor in German bunds or other European bonds, there are really two sets of currency considerations, the specific European currency and then the U.S. dollar.

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In April, polls were taken at the South Florida Financial Analysts Society and at Leuthold Group luncheons in Minneapolis, Chicago, Baltimore and Toronto.

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In April, the media staged a Dow Jones 3000 celebration, but the stock market didn’t. After the April 17 close of 3004, the DJIA beat a hasty retreat with the S&P 500 following suit. By the end of April, the post 3000 decline took the market averages back down to where they started the month.

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The moving average was broken on the upside in March and relative performance was flat in April. In anticipation of this basic change in market focus our equity model has built up secondary stock exposure.

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The S&P 500 and DJIA stalled in March, with a rebound in the last week of the month providing the modest 1%-2% gains. Among The Leuthold Group’s 62 equity sectors, 40 (65%) beat the S&P in March. Yes, it was another good month for active managers.

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