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From a much lower base, at least some tech stocks could once again become earnings momentum plays.

“Record” outflow only 10th highest as a percent of Equity Fund  assets. But, as a percent of stock market capitalization, September net outflow was about on par with October 1987.

Continuing to evaluate Leuthold Index methodology.

The latest 10-week reading declined a big 48% from the previous month end, and has fallen to the lowest level of insider net selling since late-1998.

While the markets are however still very volatile, it seems that the volatility appears to be slowing from the amazing levels recorded in 2000.

For those who “play” very aggressively, two groups that are experiencing dramatic performance swings: Security Companies and BioDefense.

GS Score improved to Attractive on strength from Growth, Technical, Judgmental, and Insider categories.

The NASDAQ posted a strong 12.8% gain in October, and also leads the pack from the September 21st low with an 18.8% gain.

Expect further Fed cuts in short rates, but this could do more harm than good.

The Leuthold Group is not currently playing the bounce, but may consider doing so in December.

Art Cashin’s Intuitive Observations regarding the altered ambiance in New York. September 19th Conference Call with Steve Leuthold and Charley Maxwell summarized.

Unlike most past market crises, a post-crisis rally did not immediately follow the September 11th Attack. October Expectations: The passage of time is beginning to moderate Wall Street’s debilitating pain. I think the stock market rebound rally could be about to get underway in earnest.

It appears that a transition to growth leadership is already underway in the small caps segment of the market.

On a valuation basis, tech stocks are approaching an attractive accumulation zone.

September’s outflow a record dollar-wise, but only represents 0.7% of total equity fund assets. This is not indicative of a panic by Main Street investors.

Early in June, it appeared that big block selling was on the decline. But in the three months since, heavy selling has resumed.

In the context of Supply/Demand considerations, convertible offerings represent a potential increase for equity supply down the road.

Market uncertainty often leads to volatile markets. The terrorist attacks on September 11th left a great deal of uncertainty and this was reflected by extremely high levels of volatility in September.

Continuing to evaluate Leuthold Index methodology.

A comparison of the Internet Survivors? Index to the Internet Debacle Index that we have been covering here for the past few years.