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To: RockyBalboa who wrote (20399)	7/1/2004 10:37:11 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 48461

Yep, odd. The dow should be below 10,000, the naz below 1950 and the s&p below 1035 The indexes should not be at current levels, so the ppt manipulators are still hard at work.... Question, who would want to hold short term gains over the long weekend? Of interest> 'Equity funds failed to pick up much of the cash this time, despite upbeat news on corporate profits, economic growth and new jobs. Net cash flow into equity funds was just $564 million, down from $23 billion in April. It was the worst inflow number for equity funds since the market cratered in March 2003. So, where did the money go? Despite negligible yields, money market mutual funds picked up $6.5 billion in net new cash in May. Some of the money ended up in bank accounts. Schlindwein said cash accounts at brokerage firms and stable-value funds in 401(k) programs, which are not counted as mutual funds, captured bond fund outflows. Hewitt Associates, a compensation consulting firm, reported a big shift in May into 401(k) stable-value funds from equity funds as well, apparently sparked by a dip below 10,000 by the Dow Jones industrial average. Indeed, the biggest spurt in asset transfers so far this year occurred on May 10, when the Dow broke below 10,000. "401(k) participants who transferred money in May headed for cover," Hewitt said. Three-quarters of transfers among 401(k) alternatives in Hewitt's database went to stable-value funds.' __________________ As for the employment report out Friday, 5 of my union tradesmen friends have been laid-off in the last 2 weeks. Maybe Wal-Mart will take up the slack?

To: RockyBalboa who wrote (20399)	7/8/2004 9:27:45 AM
From: Bucky Katt	Respond to of 48461

Uh oh> LONDON (Reuters) - Investors are racing to buy high-yielding currencies like the Australian dollar and sterling on the prospect of widening interest rate differentials compared with the U.S. dollar. The U.S. Federal Reserve raised interest rates for the first time in four years last week, but stuck to its pledge of making interest rate rises at a "measured" pace, dispelling speculation of more aggressive monetary tightening. Analysts say expectations of higher interest rates in Australia, Canada, New Zealand and the United Kingdom have rapidly increased the appeal of these countries' currencies, particularly in carry trades. Carry trades involve borrowing a low-yielding currency to invest in assets in a higher-yielding market. High-yielding currencies have also gained against other low-yielding ones such as the Swiss franc and the yen, analysts said. "The high yielders have been outperforming the low yielders over the past week and this is likely to continue for the next couple of weeks," Bilal Hafeez, foreign exchange strategist at Deutsche Bank, said on Wednesday. "The Fed's statement was more dovish than people had expected, and they are putting carry trades back on." U.S. interest rates at 1.25 percent remain extremely low compared with Australia at 5.25 percent, New Zealand at 5.75 percent, Canada at 2.0 percent and the UK at 4.5 percent. The Reserve Bank of Australia left interest rates unchanged on Wednesday and the Bank of England is also expected to announce unchanged rates on Thursday, following its two-day policy meeting. But Reuters polls show a further Australian rate rise is expected within the next year, following two rate rises late last year, and a UK rate rise is expected in August, following four hikes since November. A Canadian rate hike is also forecast for September, following three rate cuts in 2004, and a New Zealand rate hike is seen later this month, after four rate rises this year. More>>http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5609036