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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Roger A. Babb who wrote (8093)	4/30/1998 11:26:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 18691

Possibly a little relief boy and girls - AMG Data Services reports that equity funds had net outflows of $883 million in the week ended Wed. Where'd it go? Not to bonds (up only $340mm) or money markets (down $6.47bn). The money market number is easy - the IRS started cashing those MM fund checks - but it seems to me that, unlike a few weeks ago, the equity money outflow can't be explained by selling to pay taxes. What will Maria B. have to say about this in the morning? amgdata.com BTW, while everyone was so focused on the employment cost index (did the bulls steer everyone's attention to it because AG leaked that too and they knew it would be a good number?), GDP blew away the forecasts and, after the close, M2 was reported to have grown at an annual rate of 7.9% for the second month in a row (after 7.1% in Jan). The Fed's target band is 1-5% (AG said he expected it to be in the upper end of the band). Lot's of attention in Barron's to the money supply too and even Briefing.com is sounding concerned about it. G'nite, Bob