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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (5244)	11/11/2000 7:01:30 AM
From: Wyätt Gwyön	Read Replies (1) of 19219

"Liquidity and Markets: This Time It's Different" By Joseph Carson Today the trend in liquidity flows is decidedly weaker than in 1998. Indeed, in September the year-to-year gain was estimated to be 2.5%, the weakest gain in five years. Even more troubling is that liquidity flows have been stagnant since the beginning of the year -- the weakest nine-month stretch since 1994. Moreover, if current trends extend through yearend, the liquidity index would show no growth over a 12-month span for the first time since 1991.... The upshot of all of this is that the economic fundamentals -- and thus the concerns of policy makers -- in the autumn of 2000 are dramatically different from those of 1998. Indeed, liquidity flows are slowing quickly and energy prices are rising fast, the reverse of 1998. As a result, policy makers are unable to lower rates to cushion the economy and the financial markets as they did in 1998. For these reasons it is easy to see that the coming year will not repeat the happy outcome of 1999. Copyright © 2000 Dow Jones & Company, Inc. All Rights Reserved. URL for entire article: interactive.wsj.com

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