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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: dvdw© who wrote (14564)	9/11/2002 6:30:32 PM
From: Killswitch	Read Replies (2) \| Respond to of 19219

Anyone buying right now is risking getting run over by a runaway freight train: "At 5:16 PM -0400 on 9/10/02, Bloomberg.com wrote: > Fidelity Magellan's Cash Declines to 2 1/2-Year Low > > Boston: Fidelity Magellan Fund's cash position in July fell to its lowest >level in almost two-and-a-half years as investors withdrew from the >second-largest U.S. stock mutual fund. > > The fund had 0.5 percent of its assets in cash as of July 31, down from >3.2 percent at the end of June, according to Fidelity's Web site. >Investors redeemed about $1.3 billion more than they put into Magellan in >July, and manager Robert Stansky may have used some cash to purchase >stocks, analysts said. > > U.S. stock funds leaked a record $52.6 billion in July as the Standard & >Poor's 500, Nasdaq Composite and Dow Jones Industrial indexes fell. Low >cash levels at big funds like Magellan put the stock market at risk, some >managers said. If investors again pull out deposits like they did in July, >fund managers without enough cash will have to sell a lot of stock in a >short time. > > ``I'm concerned that funds don't have a lot of cash on hand to meet >redemptions'' in the next three to six months, said John Buckingham, >president of Al Frank Asset Management, an advisory firm overseeing $200 >million in assets. ``That can be like a run on a bank and lead to a lot of >selling.''"