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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (45132)	3/29/2002 10:02:47 PM
From: AD	Read Replies (2) \| Respond to of 99280

What the Newsletters Are Saying Trim Tabs Trim Tabs Investment Research Liquidity@trimtabs.com (Tel) (707) 525-1001 www.TrimTabs.com MARCH 26 -- Hefty equity fund inflows from individuals are providing the cash to buy the new shares that corporate America is selling. Our rough estimate is that U.S. equity funds have received about $50 billion in new cash the first three months of 2002. (Remember that flow is a lagging indicator.) On the other hand, corporate liquidity, also known as float change, was a negative $50 billion the first three months of this year. Negative $50 billion means that the trading float of shares has grown by about $50 billion. New offerings and insider selling has been swamping cash takeovers and stock buybacks. The sellers of new offerings include Lucent, Nortel, Xerox, and many other telecoms. The conventional wisdom says it is all about earnings and if the U.S. economy grows as the bulls expect, earnings will be higher over the next year or so. Therefore, true believers have to be fully invested here. Liquidity analysis says that regardless of the belief that the future will be better, corporate investors are not acting as if that's the case. Corporate investors are very heavy sellers. And since that has never before occurred at a market bottom but almost always at market tops, we are bearish.