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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (1943)	12/13/1999 9:40:00 PM
From: fut_trade	Read Replies (1) \| Respond to of 19219

Heinz, I've plotted SA M3 Y/Y % growth (green line) along with SPX forward PE (both are on the same scale) for the last few decades. My interpretation may not be right, but it seems that year over year liquidity growth is now at normal levels. geocities.com It seems to me that A.G. turned the $$$ valve down low during the 2nd and 3rd quarters of this year, and then cranked it wide open during the worst time of the year for the stock market (October). Thus even though the Q/Q liquidity growth rate is high now, A.G. will probably tighten the valve soon cutting off further liquidity growth resulting in normal year/year growth. It does appear to be an interesting bit of engineering.