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To: Les H who wrote (155012)	3/8/2002 9:14:04 PM
From: John Madarasz	Respond to of 436258

The latest figures from the Fed, reviewed here this evening, indicate a significant number of investors are now in the U.S. share market. Is everyone in yet? Yes, nearly. Yet, one item in particular has prompted me to contact you tonight. There is a first signal that what I consider "the smart money" is moving away from the share market. One caveat, however, which is that this signal has at times also indicated a flight from U.S. dollar based investment. Could it be both? Yes, it could. More resolution going forward, hopefully. Too, money in Fed foreign and international accounts has arrived as contemplated in the letter of two weeks ago, and in record amount. I would venture to say this is also indicative of money that flowed with significant size from overseas within the past few weeks into Wall Street. Today the Financial Times reported high-profile institutional firms in the U.S. have begun moving moneys from the U.S. share market to Europe. The bubble, you know. Marc Faber has a new commentary at AME Info: ameinfo.com Lastly, and in consideration of the ISM / NAPM services sector report, I had thought bond prices would be a little quicker to react. As it is, quite a depression today with the tandem occurence of a dollar exchange rate decline. See you over the weekend sometime. Good luck. Mr. M -----