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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (1459)10/8/1998 5:16:00 PM
From: Justa Werkenstiff   of 15132
 
** Market Summary **

The S & P and DOW pierced their benchmarks intraday on high volume with 1.18b shares traded as opposed to 915m and 1.2b on August 31 and September 1 but closed at DOW 7732 and S & P 959 above the closing benchmarks of S & P 957 and DOW 7539. The high volume was disturbing. Bulls can only hope they saw capitulation today but no guarantees.

Notably, the DOW climbed back after being down 274 points and after Ralph came out and tried to time the bearish momentum with a further bearish call. That is the good news. Recall that Ralph's call previously caused a tank in the market. Not today.

The NASDAQ was going down no matter what Ralph said. The NASDAQ was the bad news as has been noted previously. It continues to lead the market lower. Today we sliced right through the benchmark close of 1499 and closed at 1419 on high volume of 1.2b which is close to record volume. Again, the hope is that we saw capitulation today but this average is the weakest of the three. The NASDAQ is always more volatile than the averages and there are some big gains to be lock in here still. We had more lows today as well on the NASDAQ as compared with August 31 or September 1.

It would be great to see less selling on lower volume and more buying on higher volume days.
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