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This is an updated copy of a study of the weekly closing prices of the
S&P 500 Index and the 13 week percentage change in the "M3" number. I
though it might be appropriate to this thread to send it again. For those
who are interested I ran a correlation of the S&P weekly data against the
"M3" data (from the St Louis Fed site) and the "M3" leads the S&P 500 by
1 to 2 weeks with a coefficient of approximately .93 Reuters recently
ran a short news item about the Feds increased supply of money to
Brokerage firms. I was not able to receive the article for reprint here.
The question I had was how does the Fed make funds available to the
Brokerage Firms. Is it through the traditional overnight lending (Fed
Funds) or is there another mechanism. If it is possible to follow this,
it should be useful information.
Ron McEwan
Attachment Converted: "f:\eudora\attach\snp_m31.gif"
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