Whack-a-mole. (Wall Street West).

USC finance professor Aris Protopapadakis has completed a five-year study on the lack of a predictable correlation between macroeconomic indicators - such as housing starts or economic growth - and subsequent stock market performance. His conclusion: "The problem is, most models didn't adjust. Sometimes good news is bad news." In other words, when the economy is strong, a "good" announcement on job growth might be bad news on Wall Street, which will fear interest rate hikes from the Federal Reserve Board. He will present his findings to the Los Angeles Society of Financial Analysts, as part of their upcoming spring educational program.

Contributing columnist Benjamin Mark Cole writes about the local investment community for the Los Angeles Business Journal. His new book is "The Pied Pipers of Wall Street: How Analysts Sell You Down the River;" published by Bloomberg Press. He can be reached at [e-mail].