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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (71658)	4/18/2003 11:38:22 AM
From: John Madarasz	Read Replies (2) of 209892

Just saw the fund inflows for last week, they were huge. Over 5 billion new $$ into equity funds. April 15 was the deadline for IRA contributions... From the 4/7/03 Issue... WE ARE QUITE CONCERNED THAT ACTIVE MANAGERS ARE PREPARED TO SPEND CASH LEVELS DOWN TO RECORD LOWS TO PRESERVE THE RALLY. If there is any one facet of this market that scares us silly, it is the proclivity of active money managers to go the extra mile towards placing other people's money ("OPM") in grave danger. Given that our military efforts could not possibly be going any better, it is entirely conceivable that the regime of Saddam Hussein will be defunct before our next issue is published. (April 28th) Since there is a compelling need for active managers to compete with a fully invested "market," we envision the possibility of another rally as remaining OPM is emphatically pushed into stocks. Longer term, we expect the effects to be disastrous if the public does not accommodate by returning to the fold (they won't). But the IRA season ends in only eight days and with it, a substantial source of current demand. We have shown in our pages before (and will do so again in our next issue) how the effects of the "Dead Zone" between May and October are due primarily to pullbacks for mutual fund inflows. crosscurrents.net

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