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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (30090)	3/2/2003 9:36:03 PM
From: Frederick Langford	Respond to of 57110

>>We may wish we had some extra goodwill stored up on Monday when we get the ISM report along with the Personal Income/Spending report. The New York version of the ISM was released on Friday and it took a serious hit from January levels. After showing signs of a recovery in January the numbers dropped to just barely above the Jan-2002 levels when the city was still digging out from the 9/11 attack. The -3.1% drop in the index was led by current conditions which fell from 51.9 to 34.5 and non-manufacturing conditions which fell from 51.5 to 33.0. Finished goods fell to 37 from 50. This is not a positive sign and could be a leading indicator for the national ISM on Monday. The ISM will be followed on Wednesday by the Beige Book, Thursday the Factory Orders and Productivity and on Friday by the Nonfarm Payrolls. ICI made it official this week. Equity mutual funds saw outflows of $466 million in January. This was the first time since 1990 that January had a negative cash flow. January is a strong retirement contribution month and normally sees inflows in the $7-$10 billion range. Several other fund flow companies had speculated on this over the last few weeks but ICI is the recognized authority. With brokers like Charles Schwab, Ameritrade, Goldman Sachs and Merrill Lynch laying off brokers in waves it does not take a call to Miss Cleo to know that trading volume has shrunk to very low levels. Many investors have simply given up on the market. This disgust also shows in the lack of conviction we have been seeing. Many will not be back when the market recovers because they have used the money for other investments like real estate.<<< From OptionInvestor.com Fred