MG, This is getting heavy,
when you got it down to which week of the month to do the dollar cost
averaging!
It is interesting that, while I hear a constant chorus of folks
complaining about the market internals, my work shows significant
improvement:
PERCENTAGE OF STOCKS MAY AUGUST
IR Greater than Index 17.5% 27.5%
IR Zero to Index 14.8% 31.4%
IR Less Than Zero 67.7% 41.1%
(May had 6,172 non-foreign Stocks in the universe; whereas, the
universe had grown to 6,400 Stocks at the end of August.)
The Big Boyz now total 68 companies; however, I'm going to keep my
group of 65. In any case the Big Boyz continue to kick butt:
(As of 8/31/99)
PERFORMANCE INDEX BIG BOYZ
YTD 8.3% 15.3%
1 YR 39.8% 59.4%
3 YR 28.6% 40.3%
5 YR 25.1% 34.9%
In my FA scoring system, I give a point where 8 or more of the top ten
mutual funds that own a stock were adding to their position during the
month. All 10 of 10 were buying only 2 stocks last month: DIS (go
mickey) and MSFT. 9 of 10 were buying: C, INTC, and LLY. 8 of 10
were buying BEL, BMY, CSCO, JNJ, KO, LU, MO, SGP, T, and XON. Doesn't
mean they are remotely correct, but always interesting to observe.
Another observation is that it really seems that the Fidelity family
of funds was going out of their way to support market valuations in
August. They acquired some 42M shares of C, some 15M shares of CMB,
some 14M shares of MMM, some 16M shares of MRK, some 19M shares of
SGP, some 29M shares of TWX, some 17M shares of WCOM, and some 17M
shares of XON. There were also some big acquisitions of BLS and BEL,
but I hadn't started jotting down the numbers. They also seemed to
dump big numbers in ALD and LU (could have been others but it wasn't
the focus of my attention).
I hope to post some interesting changes in the 5 year EPS growth
projections later in the week.
BTW I really enjoyed your post to Ynot. Having newbies trade the
various Index stocks makes a lot of sense.
A View from the Swamp
TB |
