DO- If I may chime in....Naz had so overinflated (relative to Dow) in recent years...that we need 2000 (and early 2001) to bring that relationship back in line....historically, a 5-to-1 ratio...(ie. Dow 10,000 and Naz 2,000...which, ironically, we hit just the other day, at the same time)...
So going forward, I am looking for Naz and Dow to go down about an equal % ......I wouldn't count too heavily on a rotation thingy........Also, I know it sounds silly, but it IS easy to get fooled by absolute numbers..... 100 pts. on the Dow "feels" like more than 18 pts. on the Naz.....although it is same %.....certainly, in the press this past week, there has been a lot more emphasis on the Dow, and yet, the Naz went down a similar %..
(BTW- I believe Velo is looking for more downside on the Dow- especially particular issue than Naz...but I best let him answer that).. |
