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

To: Les H who wrote (55390)	6/26/2000 9:08:00 PM
From: pater tenebrarum	Respond to of 99985

i would say so...but according to the Fed's flow of funds data, no foreign money has left the market - quite on the contrary, it has been flowing in at a record pace. likewise, margin debt is only 10% off its highs - while that's a lot of money, i.e. some $ 30 bn., it's nothing compared to the previous increase in margin debt, stock buybacks and mutual fund inflows. the only explanation that makes sense is that insider selling was so intense as to overwhelm all these inflows. i think trimtabs has recently commented that de-leveraging is still a looming prospect. note, it wouldn't take much...a little bit of foreign selling or margin related selling could bring the house of cards tumbling down quickly. however, neither is in sight as far as i can tell...yet.