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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (59716)	11/16/2003 9:21:40 PM
From: Dealer	Read Replies (2) \| Respond to of 65232

From the MOUTH!! :-) By James J. Cramer 11/12/2003 11:20 AM EST Click here for more stories by James J. Cramer Market Analysis BULLISH The S&P is getting a boost from fund outflows at Putnam. Concerns about the effects of fund outflows are wildly exaggerated. Redemption money's not buying beach houses or gold. It's buying stocks. You can see the flow of funds today, out of Putnam and into the S&P. You can see it in stocks like Ford (F:NYSE - commentary - research), which normally would be down on the slashed debt rating. You can see it in stocks like in Merck (MRK:NYSE - commentary - research), which should be down big on this depression drug cancellation. You can see it in UnitedHealth (UNH:NYSE - commentary - research), which usually would be trading down on PacifiCare (PHS:NYSE - commentary - research). You can see it in Microsoft (MSFT:Nasdaq - commentary - research), which should be hammered on this European Union stuff. That's because the big worry of the pull-out of Putnam is wildly exaggerated, wildly. It just flows right out of the big-cap names that Putnam overweighted into the big-cap names in the S&P, in some cases causing a temporary decline and then a bounce back. You can see it happening today when stocks that should be going down get buoyed by obvious index buying. Stop worrying about what will happen to the market if Putnam and Alliance and Janus and Strong get redeemed to death. That money's not buying beach houses or gold. It's buying stocks, and, given the horrid performance of the ne'er-do-wells, better stocks! Hoo-hah!