If you are in the bear camp for equities, it has been a grueling ordeal to watch the indices pulled higher in the futures pits. I watched it happen three times yesterday and the same garbage today after the gap–down open, and again in the last thirty minutes of trading. Frankly, I almost got frustrated enough today to pull my short positions, but I’m going to stay the course. This stock market has no substance. Pro-forma earnings are now outpacing GAAP earnings by a full 60% according to Dresdner Kleinwort Wasserstein Research. Pro-forma earnings are a joke! Rather than watch the earnings numbers, it makes more sense to watch the Fed repo numbers (Federal Reserve Repurchase Agreements). According to Mike Bolser of GATA the Fed repo pool grew by $5 billion yesterday bringing the total to $36.25 billion. Above $30 billion the repo pool has an “uplifting” effect on the broad stock market, and it looks like the Feds do not want to see this market go down. Please excuse me, but I’m a bit nauseated by capitalism and free markets. Enough said. The market will win in the end. It always has.
To sum up a few of the extremes that we see today, I have extracted my ten favorite ALL TIME RECORDS from capitalstool.com. They are as follows:
* Ratio of insider selling vs. buying: 32 to 1. An all time record.
* Bullish Percent divided by Fear Gauges: All time record.
* Number of stocks trading above 200-day: Over 90% for 2 ½ months. New record.
* Money supply: All time record.
* Gold sold short or leased out: All time record.
* Number of penny stocks up 50%+: All time record.
* Trading volume as a % of GDP: All time record.
* Number of companies “tapping the bond market” for new funds: All time record.
* Number of phony appraisals and stated incomes on mortgage apps.: New record.
* Level of emotional hysteria, confusion, and bewilderment among investors.
(You decide if the last one is an “All Time High!”)
Mike Hartman
August 20, 2003
link para artigo completo
http://www.financialsense.com/Market/daily/wednesday.htm
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