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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (37341)	5/29/2001 11:37:01 AM
From: r.edwards	Respond to of 65232

The internals were excellent with a mere 248 net declines for the important A-D index – this is vastly superior to the 117-point drop by the DJI. Also, and this is very important, the P-C ratio jumped to an impressive 207% at noon, 232% at 1:00 p.m., 202% at 3:00 p.m. and 150% at the bell – not a great close, but still o.k. Market losers were HD, HON, IBM, AXP, WMT and there weren’t any point+ winners. Conclusion: A few days ago (5/24) we suggested that the market might engage in a pullback of 3%, which would carry it back to a theoretical support area of 11000. Predictions like that are not etched in stone, and they’re meant to give some guidance as to possibilities – it could have just as easily been 2% or 5%. We’ll see if the latter occurs. The real clue during such bouts of profit-taking is in examining the “internals” as it goes on. I will say that as of now, they’ve been good. Volume has declined on Ï days, breadth has shown good signs of relative strength on Ï days and we’ve seen some pretty good P-C ratios a few times. Remember that there is $2 trillion in money market funds and, according to Indata, there was 14% cash in pension funds and other institutional investments – that’s very high. Traders can follow a strong close."" From RJF

To: stockman_scott who wrote (37341)	5/30/2001 9:47:23 AM
From: Jim Willie CB	Read Replies (3) \| Respond to of 65232

wealth effect has been working slowly but surely it will undermine this summer's spending hasnt anyone noticed 10yr TNote yield up 40 bpts since Feb? talked to buddy last night in major national commercial real estate firm he works in Boston and had some things to share commercial corporate office market is at absolute standstill "never seen it like this in 20 yrs" higher rent area has gone from $60/sqft to $38 since Nov2k unprecedented swift collapse but manufacturing market is hanging on due to biotechs, medical devices Genzyme, Genetechs Inst, etc located around Boston Boston Scientific, Johnson&Johnson located around Boston residential real estate holding up well many towns imposing restrictions on new building Cisco canceled plans to locate 2000 people in west suburbs actually a mile from where I once lived in NEC office complex I expect Dow, SPX, NazComp to give back half what it took since April 1st 2ndHalf Recovery? sure how about 2ndHalf Accelerated Decline? / jim