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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: wlheatmoon who wrote (3127)	1/10/2001 5:14:18 PM
From: John Pitera	Respond to of 33421

Some nice work from Marc Chandler---Exaggerating the Bear 1/10/01 8:25 AM ET The past 9 months or so have been exceptionally tough for equity investors. But navel gazing by investment bank economists and the flaks in the media seems to exaggerate the downturn. My column this week sketchs out the argument for the ideological forces at work under scoring the worries of a recession. As a currency strategist, international comparisions are important. Look at the relative performance over the last three months (local currency terms): DJIA + 0.46% FTSE -6.86% UK DAX -5.32% Germany CAC -8.41% France TSE -17.54% Canada Nikkei - 13.41% Japan Fluke you might say. Thenlook at 6 months. DJIA -0.70% FTSE -6.17% DAX -13.20% CAC - 13.20% TSE -16.25% Nikkei -23.26% In addition, U.S. bonds have outperformed European bonds reflected in a narrowing of the interest rate premium the U.S. offers.