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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: stockman_scott who wrote (37341)5/30/2001 9:47:23 AM
From: Jim Willie CB  Read Replies (3) of 65232
 
wealth effect has been working slowly but surely
it will undermine this summer's spending
hasnt anyone noticed 10yr TNote yield up 40 bpts since Feb?

talked to buddy last night in major national commercial real estate firm
he works in Boston and had some things to share
commercial corporate office market is at absolute standstill
"never seen it like this in 20 yrs"
higher rent area has gone from $60/sqft to $38 since Nov2k
unprecedented swift collapse
but manufacturing market is hanging on
due to biotechs, medical devices
Genzyme, Genetechs Inst, etc located around Boston
Boston Scientific, Johnson&Johnson located around Boston
residential real estate holding up well
many towns imposing restrictions on new building
Cisco canceled plans to locate 2000 people in west suburbs
actually a mile from where I once lived in NEC office complex

I expect Dow, SPX, NazComp to give back half what it took since April 1st
2ndHalf Recovery? sure
how about 2ndHalf Accelerated Decline?
/ jim
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