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Re: Zeev Hed post# 249759

Tuesday, 05/25/2004 11:13:14 PM

Tuesday, May 25, 2004 11:13:14 PM

Post# of 704041
"Hidden" strength

The most impressive thing about today's action was the fact it came on a day when the market was asked to absorb the mammoth Genworth IPO -- all $2.8+ billion of it.

Consider the last time GE dumped a new issue on the market (CIT) and how the market choked and gagged on that supply for a solid week, and spilled red ink everywhere. Or the concrete block around the ankles reaction to the SEMI IPO in March.

For the market to have swallowed that huge pig of an IPO today and still have enough demand to overwhelm supply suggests more strength than the standard metrics can tell you.

Now in the next 72 hours we find out whether the slower moving mutual funds, which have been stacking up cash in a big way for the past 2 months, are interested in stepping up and putting some of that to work.


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