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(March 29, 2002) STOCK INDICES: Stocks sold off on Thursday as reflected in the Dow Jones average in contradiction to most analysts expectations of a "window dressing" attempt by the institutions to close out the quarter on a positive note. That did not materialize and gives credence to my negativity as relates to equities. The S&P 500 gained $2.81 to 1147.39 and the New York Stock Index of every stock on the New York Stock Exchange, gained only .58 to 600.43. With such a poor end of quarter showing even though the Dow is up minimally for the whole first quarter, we could see long liquidation. More money was posted to bonds than to stocks by institutions in the latest reporting week and that does not bode well for equities. We also saw a return of the "gold bugs" as new advertising for the purchase of gold stocks, and bullion materialized. It was against the backdrop of a strong U.S. dollar. Something that should absolutely confuse many traders. We continue to suggest to investors that they move money to "safer havens" such as bonds or bank paper, or even the proverbial mattress until a clearer picture develops in corporate America.

John L. Caiazzo

www.acuvest.com

E-mail: futures@acuvest.com

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