Some encouraging signs have surfaced for those itching to load up on stocks at today's lower prices. Alan Greenspan's surprise interest-rate cut, which sent the market rocketing higher on Thursday, is one. But even before that move, savvy corporate buyers had been turning up the volume. Last week marketing firm Cendant unveiled a $1 billion program to buy its own shares. This followed on the heels of buybacks by Pfizer ($5 billion), McDonald's ($3.5 billion) and American Express ($3.3 billion). In September $25 billion in share repurchases was announced--double the pace of earlier this year.
Last spring I noted that...
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