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

To: Justa Werkenstiff who wrote (5193)	8/15/2002 9:06:56 PM
From: t2	Read Replies (2) \| Respond to of 30712

Equity Funds report net cash outflows of $4.6 Billion for the week ended 8/14/02 Data out this evening. Just unbelievable! This has to be contrarian, imho. Even with the rallies lately, we get big outflows. That can only mean the smart money is buying; institutional money and pension funds are reallocating to stocks in a big way, while the individuals seem to be "capitulating" from stock ownership and putting their money in fixed income securities. My concern was that there would be huge inflows..signalling the end of the rally. With this kind of news, we could see higher levels from here on the markets. The exit from tech mutual funds has been un-ending this year. Only real panic selling can take this market down fast...otherwise it looks pretty strong here. The appetite for bond funds will support equity valuations. Only big time (foreign) selling out of bond funds can tank the stock market, imho. (only talking about the near term) amgdata.com Equity Funds report net cash outflows of $4.6 Billion for the week ended 8/14/02 - with about 2/3 coming from Domestic Sectors and 1/3 from Non-Domestic Sectors. Real Estate and Healthcare/Biotech Funds report inflows for the 3rd consecutive week. Technology Funds report the largest outflows since 5/22/02. Japan Equity Funds report the largest outflows since 5/30/01; with the largest number of funds reporting outflows on record. Taxable Bond inflows total $1.2 Billion - with most going to Government Funds investing in Mortgage-Backed Securities, as well as investment Grade Corporate Bond Funds. Money Market Funds report inflows ($3.6 Billion). Municipal Bond Fund inflows continue ($541 Million).