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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: Jeff who wrote (4487)	8/2/2002 2:06:45 PM
From: t2	Read Replies (1) \| Respond to of 30712

Jeff, Considering that much of the rebound starting last week was probably primarily due to short covering or end of month buying and not new investor money...does that change your near term scenario at all. We did have the extreme Vix/VXN readings but the reversal could not pull in new money into the markets. Inflows (amgdata.com) were 3.2 billion after 2 weeks of 11B and 12 of outflows. However the inflows were not going to US funds. That leaves little doubt we were getting the short covering and month end activities and little else (maybe some asset allocation changes too) Could that mean we get no bounce from the 1200 level? The next time VIX/VXN hit last week's levels, could one make a case that it is not contrarian at all...sort of like the mirror image of the bullishness of the late 1990s. btw--since we are seeing an SnP500 lead selloff, that could be a sign of international investors leaving US markets as they are likely to index fund holders.