Green Book October 1994
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Featured Articles
Inside the Bond Market
Weight of the evidence discipline remains negative on a cyclical basis, but long T-bond six month risk seen only as 8.25%-8.50% level, with 12 month risk at 8.50% level.
Joke of the Month
The winner of the coveted Blue Ribbon this month is Terry Chambers at Columbia Management in Portland Oregon.
Lowry Buying Power/Selling Pressure
A new “sell” signal from the Lowry work on September 21, was a significant factor in the September deterioration in the Major Trend Index.
Major Trend Deteriorates In September, Remains Negative
Major Trend Index deteriorated by 591 points in September, and remains quite decisively in negative territory. We continue to approach equity investing with a great deal of caution, operating in a bear market mode.
Playing the Bounce
It’s that time of year again. The traditional “Bounce” accumulation season is rapidly approaching.
Polling the Pros in New York/Setember!
NY pros expect a trading range market over the next three months (no surprise). On a one year horizon, 53% of those polled were bullish to some degree (this was a surprise).
Scanning the Markets
Performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by Q3 performance.
September Generally Subdued: Some Notable Reversals of Fortune
The S&P 500 declined 2.7% for the month of September (yet still managed a nice 4.1% gain for the third quarter). The technology related themes provided the most consistent leadership during the quarter.
Supply/Demand Considerations
During August, net inflows into U.S. focus equity mutual funds totaled $10 billion, triple August’s equity offering’s. This has changed in September, with expanded underwritings, but a reduced flow into equity mutual funds. An imbalance could be developing.
View From the North Country
Treasury zero bonds are becoming increasingly attractive for retirement accounts and other investors who want to know with absolute certainty how much they are going to get and when they will get it. Also, preliminary Leuthold Group economic and market projections for 1995.
Table of Contents
Stock Market
- Major Trend Deteriorates In September, Remains Negative
- Supply/Demand Considerations
- Polling the Pros in New York/Setember!
- September Generally Subdued: Some Notable Reversals of Fortune
- Lowry Buying Power/Selling Pressure
- View From the North Country
- Playing the Bounce
Macro Monitor
Equity Strategies
At Random
Inside the Bond Market
Weight of the evidence discipline remains negative on a cyclical basis, but long T-bond six month risk seen only as 8.25%-8.50% level, with 12 month risk at 8.50% level.
Joke of the Month
The winner of the coveted Blue Ribbon this month is Terry Chambers at Columbia Management in Portland Oregon.
Lowry Buying Power/Selling Pressure
A new “sell” signal from the Lowry work on September 21, was a significant factor in the September deterioration in the Major Trend Index.
Major Trend Deteriorates In September, Remains Negative
Major Trend Index deteriorated by 591 points in September, and remains quite decisively in negative territory. We continue to approach equity investing with a great deal of caution, operating in a bear market mode.
Playing the Bounce
It’s that time of year again. The traditional “Bounce” accumulation season is rapidly approaching.
Polling the Pros in New York/Setember!
NY pros expect a trading range market over the next three months (no surprise). On a one year horizon, 53% of those polled were bullish to some degree (this was a surprise).
Scanning the Markets
Performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by Q3 performance.
September Generally Subdued: Some Notable Reversals of Fortune
The S&P 500 declined 2.7% for the month of September (yet still managed a nice 4.1% gain for the third quarter). The technology related themes provided the most consistent leadership during the quarter.
Supply/Demand Considerations
During August, net inflows into U.S. focus equity mutual funds totaled $10 billion, triple August’s equity offering’s. This has changed in September, with expanded underwritings, but a reduced flow into equity mutual funds. An imbalance could be developing.
View From the North Country
Treasury zero bonds are becoming increasingly attractive for retirement accounts and other investors who want to know with absolute certainty how much they are going to get and when they will get it. Also, preliminary Leuthold Group economic and market projections for 1995.
Stock Market
- Major Trend Deteriorates In September, Remains Negative
- Supply/Demand Considerations
- Polling the Pros in New York/Setember!
- September Generally Subdued: Some Notable Reversals of Fortune
- Lowry Buying Power/Selling Pressure
- View From the North Country
- Playing the Bounce
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
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Sector Navigator
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