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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (43990)	3/24/2000 1:06:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Terry, well, in the first week of March, M3 made it's biggest one-week jump since late last year (+45 billion), so in the meantime, monetary growth has accelerated once more. just look at the daily reserve additions via repos and coupon passes...the sums are staggering. MZM includes currency in circulation, and is thus a bit misleading, as the Y2K currency that was printed and put in vaults has been partly withdrawn. credit demand is as heavy as ever, and is accommodated by the Fed...every cent of it. i noticed the improvement in the a/d line (thanks for the chart) and hereby predict it will be short-lived. since total market cap vs. total money stock is at a record high, the rally MUST narrow as we go along. the same reasons that led to the collapse in the a/d line still apply. regards, hb