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PENDING EUROZONE NEWS

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Some investors are biding their time waiting for even an intermediate deal from TPTB in the EU. Other investors continue to head toward the exits as the ICI reports equity mutual fund redemptions exceeded $6.6 billion dollars once again. Late last week, Goldman Sachs saw future equity fund flows differently as noted below. Below you'll note estimates of ongoing withdrawal of funds from retail. On the other hand positive fund flows will continue via stock repurchase programs and hoped investment from overseas investors. The former is financial engineering, since companies with large cash reserves and little incentive to invest would rather buy back their own shares. This does little to stimulate economic growth and employment beyond decorating corporate balance sheets and making earnings look better spread over fewer shares.

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