Fw: Is Bernanke Behind The Rallies? Query to Barkley

["Gary Santos" <evs@xxxxxxxxxxxx>]

----- Original Message -----
From: "Gary Santos" <evs@xxxxxxxxxxxx>
To: "Niggle, Christopher" <Christopher_Niggle@xxxxxxxxxxxx>
Sent: Friday, June 20, 2003 1:29 PM
Subject: Re: Is Bernanke Behind The Rallies? Query to Barkley


Chris,

That is certainly curious -- foreign funds buying the US market. I had
assumed that US foreign funds were buying into the Philippine market. (The
Exchange monitors net buying of foreign funds but can not distinguish
nationality.) If US funds are not buying the US market, who are these funds?
European? The strong Euro is causing them to buy stock markets world wide?
We continue to wonder.

Gary


----- Original Message -----
From: "Niggle, Christopher" <Christopher_Niggle@xxxxxxxxxxxx>
To: "'Barkley Rosser '" <rosserjb@xxxxxxx>; "'Gary Santos '"
<evs@xxxxxxxxxxxx>; <TheNewForum@xxxxxxxxxxxxxxx>; <pkt@xxxxxxxxxxxxxxxx>
Sent: Friday, June 20, 2003 1:23 AM
Subject: RE: Is Bernanke Behind The Rallies? Query to Barkley


Barkley: Is your point that the cheaper dollar makes investing in US stocks
attractive?  I notice that most of the inflows into stocks and stock funds
seem to be foreign. But wouldn't foreign investors worry that the dollar
will continue to fall, reducing the expected return on US stocks in their
own currencies?  I'm not sure how this works.

chris

-----Original Message-----
From: Barkley Rosser
To: Gary Santos; TheNewForum@xxxxxxxxxxxxxxx; pkt@xxxxxxxxxxxxxxxx
Sent: 6/18/03 1:39 PM
Subject: Re: Is Bernanke Behind The Rallies?
Importance: Low

    It should be kept in mind that the rise of the
stock markets in the US has barely kept pace
with the decline of the value of the dollar against
the euro.
Barkley Rosser
----- Original Message -----
From: "Gary Santos" <evs@xxxxxxxxxxxx>
To: <TheNewForum@xxxxxxxxxxxxxxx>; <pkt@xxxxxxxxxxxxxxxx>
Sent: Tuesday, June 17, 2003 3:26 AM
Subject: Is Bernanke Behind The Rallies?


> I've been watching all the markets rally. I wonder if Bernanke's hint
of
> extraordinary measures to liquefy the markets (in this case the stock
> market) in his November, 2002 speech is behind these rallies. I don't
see
> any fundamentals to justify the size of this rally.
>
> In my market, money is being placed back in the hands of consumers.
Foreign
> funds account for 3/4 of the volume. Certainly, this is money to spend
...
> or to save. The central bank is offering a 10% tax free 5 year bond --
about
> 70% above the short term rate. I wonder.
>
>