Liquidity TrimTabs Summary - December 15, 2003 Bottom Line: We Turn Cautiously Bullish From Bearish Big Year-End Inflows Likely To Exceed $10 Billion in Expected New Offerings. Bubble Up Investors, But Remember That a Hangover Awaits. The Only Question is When? New Offerings Explode to $9.7 Billion in Rush to Sell Shares before Christmas. Bubble Like to Inflate Further. Mutual Fund Inflows Heaviest in Seven Weeks. Stock Buybacks Spike to $5.5 Billion, But Only 11 Companies Made New Announcements. At $1.3 Billion, New Cash Takeovers Continue to Remain Weak. New Offerings Explode to $9.7 Billion and Will Stay Strong Through Christmas Eve. Insider Selling, Revised to $3.3 Billion Weekly in November, Should Slow As End of Year Approaches. By Early Next Year Individual Investors Will Be Sole Support for Growing Bubble. GM Announces $4.1 Billion Contribution to Pension Plan on Thursday & Stocks Soar. Bubble Likely to Survive Intact Into New Year Due to Year-End Pension Flows, Bonuses & Mania. U.S. Equity Inflows Heavy. December Distributions Same As Last Year, Least Since 1991. Upcoming Taxable Distributions Do Not Stop Investors from Shoveling Money into Equities. Flows Become More Evenly Distributed But Still Tilt Toward Small- and Mid-Capitalization Stocks. Wages and Salaries Up 1.7% Last Two Weeks, 3.2% Last Four Weeks.