Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: Terry Whitman who wrote (6379)	4/26/2001 3:33:11 PM
From: Paul Shread	Read Replies (1) of 52237

I don't know if month-end window dressing is as much a factor as quarter-end (although I can't imagine money managers all bought gold stocks in late March -g-). The last two days of the month and first day of the new month have a positive bias, but I thought that was due more to pensions putting money to work and the like. TRIN has been under .80 all day; not sure who's selling here, J6P? GDP is going to be interesting tomorrow. From today's IBD: The stock market looks better than at any time in more than a year. That’s news to Wall Street. True to form, market "experts" remained out of sync Wednesday as Investors Intelligence updated its weekly survey of newsletter writers. You might expect a jump in optimism. After all, the market has put together a powerful rally, the Fed cut rates for the fourth time last week and decent stocks are actually breaking out and trading higher. But the percentage of bullish advisers dropped to 43.9% from 44.7%. These are the same folks who were more bullish two months ago – just before the Nasdaq, S&P 500 and Dow industrials rolled over – than in any other period since early 1987. Their reluctance to buy into the current rally makes it all the more likely this move is for real. Another bullish factor is the explosion in the money supply (more in Feature Story). As noted by veteran market watchers such as Don Hays (haysmarketfocus.com), the Fed is pumping more money into the economy than it did during the 1998 Asian meltdown. And why not? Alan Greenspan has to protect his glowing reputation as the best damn Fed chief ever (just ask Bob Woodward). The threat of a Fed-induced recession and the worst bear market in a generation just might take the sheen off. All that money has to go somewhere. In the past, a good chunk went straight to the stock market. Just look at the rallies in late 1998 and ’99. Both got a big helping hand from the Fed.

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