To: BigBull who wrote (53750 ) 10/31/1999 1:06:00 PM From: BigBull Read Replies (1) | Respond to of 95453
Doin' the bear-less boogie:cbs.marketwatch.com ------------------------------------------------------------ In a report, John Roque, vice president at Arnhold and S. Bleichroeder Inc. noted that NYSE advancing volume decked declining volume by a margin of nearly 5.8 to 1 on Thursday. "This type of a ratio says the rally?s got more gas in the tank, and it?s high octane, too!" he exclaimed. "History shows similar volume results bode well for stocks three months out." Roque observed that, since 1994, there have been 12 instances in which advancing volume bested declining volume by over 5.8 to 1. He found that three months after such a reading, the S&P500 was up 11 out of 12 times for an average gain of 8.6 percent, with +19 percent the biggest gain and -0.4 percent the sole setback. The average gain was 8.6 percent. "Pretty compelling results when you think about it," Roque enthused. Added Gretz: "Against a background of interest rate concerns and a bond market that has had its own bad year, financial stocks are telling a much different story. Financial stocks don?t just seem to be rallying on banking reform. Indeed, they seem to be suggesting that rates are not the problem they have seemed to be." Gretz echoed the sentiment of most observers: "If rates are off the market?s back, that should continue the upside momentum." ------------------------------------------------------------ According to earnings compiler First Call Corp., 84 percent of the S&P 500 companies have reported third-quarter earnings. Those that have reported have registered 23.2 percent growth over 1998Q3. For the fourth quarter, industry analysts surveyed by First Call expect 18.4 percent earnings growth. The S&P's long-term growth rate is 7 percent. ------------------------------------------------------------ "Thursday confirmed what no one believed a week ago -- that this market's going a lot higher," said Frank Calta, director of equity trading and institutional sales at George K. Baum. "It just feels good. I'm seeing major institutional buyers." ------------------------------------------------------------ Sandy Weill:biz.yahoo.com