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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (29300)	3/30/1999 9:07:00 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 70976

>> Did you know most of those stocks are owned by widows and orphans? I should hope so. I also hope that they know enough to panic on the Etec news, but not enough to know that ASML is still a good buy <G> Seriously, the stock market is now driven by the individual investor and not the institutions. This is a first in a very long time. Did you read the ICI flow of funds news today? biz.yahoo.com Just in January and February the flow of funds has been less than half of last year's. We are now missing more than $18B in equity inflows compared to last year. Even if you consider the flows into other funds, net-net, we are still missing $5.4B. In the past, this kind of change in flow of funds has caused serious down turns. But this time around it has gotten the market to new highs on very narrow breadth (only glamour stocks are going up). Why is that? My theory is that people have been pulling money out of the funds and putting it directly into the market. So your assessment rings very true to me. As an anecdotal evidence, I'd like to point out that a recent analysis of the volume trade on MSFT showed that the majority of the trades were done by individual investor rather than the institutions. So individual trades are outnumbering institutions in their core holdings. Just remember what I said about games we played when I was a kid <g> Sun Tzu