Green Book June 2003
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Featured Articles
Better Than Bonds?…..Stocks That Yield More Than Ten Year Treasury Notes
Tax disadvantaged REITs might now compete with tax advantaged high yielding non-REITs. We provide a list from a screen identifying high yielding non-REIT stocks.
Bond Market Summary
Is the Fed ready to buy Ten Year Treasuries to stimulate the economy? This could certainly lead to another housing/refi boom. But are lower rates really necessary to boost business spending?
Building A Head Of Steam
Based on cyclical bull market recovery from 1973-1974 secular bear market. There is still significant stock market upside from May’s month end price levels.
Deflation: Not Likely, But, “What If?”
We think deflation fears are overblown, but, it isn’t necessarily bad for stock performance.
Insider Block Measures....Selling By Corporate Insiders On The Rise As Market Rallies
We view recent buy signals in Q4-2002 and Q1-2003 as a bullish indicator for the stock market. In the past, these “buy” signals have provided a timely indication that stock market performance would improve going forward.
Leadership From Lows...Two Perspectives
A look at group and sector leaders and laggers measured from both the October 9th 2002 bear market low and from the more recent, March 11th market low associated with the Iraq war.
Lost In Translation
Increasingly frequent contributor, John McGinley (Technical Trends, Wilton Connecticut) sent along examples of marketing flops linked to inter-country language and cultural differences. I’m including only the ones that I hadn’t seen before.
May Mutual Fund Flows...Net Inflow Continues
U.S. focus equity fund net inflow of $8 billion is estimated for May.
May S&P Index And Global Classification Changes
On May 1st, Standard and Poor’s implemented its changes in the Global Industry Classification System (GICS). Overall, we feel the changes are good.
NASDAQ & NYSE Short Interest
Both indicators drop to neutral in May.
Scanning The Markets
The stock market was very strong in May, following a strong April.
Strong Q1 Earnings Prompt Boost To 2003 Earnings Estimate
Overall earnings better than expected, as last year’s losses and write-offs turn into smaller losses and even gains in 2003.
Tech Watch
Technology stocks UP BIG AGAIN in May. The NASDAQ gained 9.0% for the month (9.2% last month), second again only to the Russell 2000.
The VLT Momentum Indicators…..Third Buy Is A Charm
VLT Momentum registers another buy signal. Only in the 1930s has a similar pattern of buy signals developed. Third buy led to big gains back then.
View From The North Country
Does consumer confidence offers any insight into future spending patterns? Also, the case for shorting T-Bonds.
Volatility Update…..NASDAQ Still More Volatile Than The S&P 500
In 2003, the NASDAQ has not been as volatile as in recent years, but is still more volatile than the S&P 500.
Table of Contents
Stock Market
- View From The North Country
- Building A Head Of Steam
- Strong Q1 Earnings Prompt Boost To 2003 Earnings Estimate
- Better Than Bonds?…..Stocks That Yield More Than Ten Year Treasury Notes
- The VLT Momentum Indicators…..Third Buy Is A Charm
- Leadership From Lows...Two Perspectives
- May S&P Index And Global Classification Changes
- May Mutual Fund Flows...Net Inflow Continues
- Volatility Update…..NASDAQ Still More Volatile Than The S&P 500
- Insider Block Measures....Selling By Corporate Insiders On The Rise As Market Rallies
- NASDAQ & NYSE Short Interest
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Better Than Bonds?…..Stocks That Yield More Than Ten Year Treasury Notes
Tax disadvantaged REITs might now compete with tax advantaged high yielding non-REITs. We provide a list from a screen identifying high yielding non-REIT stocks.
Bond Market Summary
Is the Fed ready to buy Ten Year Treasuries to stimulate the economy? This could certainly lead to another housing/refi boom. But are lower rates really necessary to boost business spending?
Building A Head Of Steam
Based on cyclical bull market recovery from 1973-1974 secular bear market. There is still significant stock market upside from May’s month end price levels.
Deflation: Not Likely, But, “What If?”
We think deflation fears are overblown, but, it isn’t necessarily bad for stock performance.
Insider Block Measures....Selling By Corporate Insiders On The Rise As Market Rallies
We view recent buy signals in Q4-2002 and Q1-2003 as a bullish indicator for the stock market. In the past, these “buy” signals have provided a timely indication that stock market performance would improve going forward.
Leadership From Lows...Two Perspectives
A look at group and sector leaders and laggers measured from both the October 9th 2002 bear market low and from the more recent, March 11th market low associated with the Iraq war.
Lost In Translation
Increasingly frequent contributor, John McGinley (Technical Trends, Wilton Connecticut) sent along examples of marketing flops linked to inter-country language and cultural differences. I’m including only the ones that I hadn’t seen before.
May Mutual Fund Flows...Net Inflow Continues
U.S. focus equity fund net inflow of $8 billion is estimated for May.
May S&P Index And Global Classification Changes
On May 1st, Standard and Poor’s implemented its changes in the Global Industry Classification System (GICS). Overall, we feel the changes are good.
NASDAQ & NYSE Short Interest
Both indicators drop to neutral in May.
Scanning The Markets
The stock market was very strong in May, following a strong April.
Strong Q1 Earnings Prompt Boost To 2003 Earnings Estimate
Overall earnings better than expected, as last year’s losses and write-offs turn into smaller losses and even gains in 2003.
Tech Watch
Technology stocks UP BIG AGAIN in May. The NASDAQ gained 9.0% for the month (9.2% last month), second again only to the Russell 2000.
The VLT Momentum Indicators…..Third Buy Is A Charm
VLT Momentum registers another buy signal. Only in the 1930s has a similar pattern of buy signals developed. Third buy led to big gains back then.
View From The North Country
Does consumer confidence offers any insight into future spending patterns? Also, the case for shorting T-Bonds.
Volatility Update…..NASDAQ Still More Volatile Than The S&P 500
In 2003, the NASDAQ has not been as volatile as in recent years, but is still more volatile than the S&P 500.
Stock Market
- View From The North Country
- Building A Head Of Steam
- Strong Q1 Earnings Prompt Boost To 2003 Earnings Estimate
- Better Than Bonds?…..Stocks That Yield More Than Ten Year Treasury Notes
- The VLT Momentum Indicators…..Third Buy Is A Charm
- Leadership From Lows...Two Perspectives
- May S&P Index And Global Classification Changes
- May Mutual Fund Flows...Net Inflow Continues
- Volatility Update…..NASDAQ Still More Volatile Than The S&P 500
- Insider Block Measures....Selling By Corporate Insiders On The Rise As Market Rallies
- NASDAQ & NYSE Short Interest
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
March 2026 Issue
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Sector Navigator
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