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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: marc ultra who wrote (7574)	8/8/1999 12:35:00 AM
From: marc ultra	Read Replies (1) \| Respond to of 15132

Biderman of Liquidity Trim Tabs sounding more bearish every week Excuse is this is a duplicate Liquidity Trim Tabs 520 Mendocino Ave., Santa Rosa, Calif. 95401 AUGUST 2~The corporate investor first points the way and then the markets follow. Five weeks ago, newly announced stock buybacks stopped and have averaged $1.7 billion each week since. Compare that $1.7 billion pace with the $3.5-billion-per-week rate the first six months of this year and $5.6 billion per week between last August and November. Then two weeks ago, new cash takeovers slowed to a $1.4 billion weekly rate. Compare that with the $6.1 billion weekly pace the first six months of 1999. Not only have corporate investors stopped buying equities in the open market, but they have been selling newly printed shares at an amazing $5.5 billion weekly rate given the slump in stocks the past fortnight. What's more, each day more big multibillion-dollar filings are announced where corporate types hope to sell paper for cash before the window closes. If prices keep dropping, the new-offering calendar will have to stop as well. Old-timers remember that Wall Street insiders have always been the best at picking market tops. The best story is Charles Schwab selling out to B of A at one top and buying himself back at cents on the dollar at the bottom. Given that first sellers are usually the smartest, no surprise Goldman Sachs went public earlier this year. Now a whole host of specialists and other firms want to sell stock. The topper: For the first time ever, the NYSE itself wants to sell shares. Follow what corporate investors do, listen -- then ignore what they say. -- CHARLES BIDERMAN