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During August, net inflows into U.S. focus equity mutual funds totaled $10 billion, triple August’s equity offering’s. This has changed in September, with expanded underwritings, but a reduced flow into equity mutual funds. An imbalance could be developing.

NY pros expect a trading range market over the next three months (no surprise). On a one year horizon, 53% of those polled were bullish to some degree (this was a surprise).

Performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by Q3 performance.

The S&P 500 declined 2.7% for the month of September (yet still managed a nice 4.1% gain for the third quarter). The technology related themes provided the most consistent leadership during the quarter.

A new “sell” signal from the Lowry work on September 21, was a significant factor in the September deterioration in the Major Trend Index.

Treasury zero bonds are becoming increasingly attractive for retirement accounts and other investors who want to know with absolute certainty how much they are going to get and when they will get it. Also, preliminary Leuthold Group economic and market projections for 1995.

Weight of the evidence discipline remains negative on a cyclical basis, but long T-bond six month risk seen only as 8.25%-8.50% level, with 12 month risk at 8.50% level.

It’s that time of year again. The traditional “Bounce” accumulation season is rapidly approaching.

It still looks like a bear market to us or, at minimum, an old bull market that is topping out.

S&P 500 normalized PE and yield in top (worst) decile of 1926 to date data history. From these valuation levels 12 month total returns average a big fat zero.

A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by August’s performance.

New equity supply contracts sharply in August as Wall Street goes to the beach. Equity fund buyers continue to pour the money in, so demand greater than new supply in August.

The strong second quarter called for an upward revision in our 1994 earnings estimates. Revised book value calculations for the DJIA and S&P indices were also calculated in August. These proved to be significantly lower than our estimates. Thus, some necessary revisions in our valuation Benchmark work is warranted.

Big cap growth stocks appear to be in the early stages of regaining leadership from the “tired” cyclicals and “overvalued” value stocks.

Cash isn't trash, not in 1993 and not today. The real value of cash is its opportunity value, not its yield. Are you an AARP member? "Seeds of Generational Warfare” points out many of the reasons for the growing demographic conflict, young versus old.

Pure water offers growth opportunities across the global economic spectrum.

Weight of the evidence discipline remains negative on a cyclical basis.

Major Trend remains in negative territory but market action (both stocks and bonds) improved in July. Short term, both stocks and bonds may continue to rally.

An extract from Leuthold & Anderson’s second quarter client letter.

A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by July's performance.