MARKET INDEX LABORATORY, Wednesday, June 23, 1999
INDEX Pr Cls Open High Low Close Change %Change 12MO HI 12MO LO
THE MAJORS
DOW 10,722 10,722 10,725 10,617 10,667 - 55 -0.5% 11,107 7,539
SPX 1,336 1,336 1,336 1,324 1,333 - 3 -0.2% 1,368 957
OEX 680.5 680.5 680.5 675 678.5 - 2 -0.3% 690 471
RUT 447.5 447 447 444.8 447 - .5 -.06% 464 310
TRAN 3,391.5 3,391 3,391.5 3,367 3,379 -12.5 -0.4% 3,784 2,345
UTIL 328.5 328.3 328.3 326 326.5 - 2 -0.5% 334 272
VIX 21.96 23.05 23.71 21.49 21.57 - .39 -1.8% 48.56 16.88
TECHNOLOGY/SEMICONDUCTOR/SOFTWARE
COMP 2,580 2,569 2,598 2,557 2,598 + 18 +0.7% 2,652 1,419
NDX 2,210 2,210 2,240 2,177 2,239.5 +29.5 +1.3% 2,268.7 1,129
MSH 1,107.5 1,107.5 1,118 1,091 1,117 + 9.5 +0.8% 1,139.5 480
PSE 577.5 577.5 582 577.5 582 + 4.5 +0.8% 586.5 278
SOX 467 467 475.5 467 475 + 8 +1.8% 477 190
CWX 746 746 751 734.5 751 + 5 +0.6% 748 399
INTERNET/NETWORKING
DOT 577 575.5 588.5 571 588.5 +11.5 + 2 % 790 144
IIX 299 299 302.5 293.5 302.5 + 3.5 +1.2% 358 97
GIN 467 467 479 454 478.5 +11.5 +2.5% 667 114
NWX 569 569 569 556 568 - 1 -0.2% 582.5 232
BANKS/BROKERAGE/RETAIL/CONSUMER/DRUGS/CYCLICAL
BKX 888.8 871 871 854.5 862 -13.5 -1.6% 932 592
XBD 413 413 413 404.5 410.5 - 2.5 -0.6% 530 149
RLX 898 898 898.5 880.5 886 - 12 -1.3% 966 588
CMR 553 553 553 544.5 547 - 6 - 1 % 574 444
DRG 354 354 354.5 349 349.5 - 4.5 -1.4% 425 304
CYC 597 597 597 592 596 - 1 -0.1% 619 392
OIL/GOLD-SILVER/COMMODITY
XOI 508 508 514 508 513 + 5 +0.9% 526 377
OSX 74.5 76.8 77.5 75 75.5 + 1 +1.4% 92 47
XAU 59.5 60 62.5 59.5 62.5 + 3 +3.2% 87 49
CRX 207.5 207.5 210 207.5 210 + 2.5 +1.2% 229 149
30 YR. BOND YIELD
TYX 6.06% - 6.138% 5.992% 6.128%
MARKET INDEX LABORATORY, June 23, 1999 (PAGE 2)
MISCELLANEOUS INDICES
AIRLINES/TOBACCO/CHEMICAL/INSURANCE/YEAR 2000
XAL 164 164 164 162.5 163 - 1 -0.3% 204 116
TOB 291.5 291.5 293.5 289.5 293 + 1.5 +0.5% 326 236
CEX 506 506 506 501 504.5 - 1.5 -0.3% 547 402
IUX 654 654 656 645 648.5 - 5.5 -0.9% 710 471
YTK 207 207 207.5 203.5 207.5 + .5 +0.2% 237 144
***PLEASE NOTE***Several Points: 1) In "The Majors Group": I am
keeping extremely close watch on supports DOW 10,530; SPX 1,302; OEX
660; TRAN 3,350; UTS 324; VIX 25.5. I will not tolerate any margin
for error at this stage in the market. If we get running close prior
to bell where the majority of these supports are seemingly about to
get taken out, I will not wait for that coveted second close below
these levels. Reason is because confluence of tight supports taken
out for me is overwhelming evidence in a change in market sentiment.
We are at dangerous levels that need to hold from May 13 highs. We
have now marked Trading DAY # 28 from May 13 highs and if we break
supports it will be right in here next few trading days as it took
exactly 38 Trading Days for that fateful '87 collapse. Just need to
keep eyes wide open for any potentiality.
2)I did not take favor that BKX opened gap down 17 points and that
was the high for the day. Low from that was roughly another 17 points
before minor recovery. Long bond yields backing up to 6.13% weighs a
heavy burden on BKX.
3)Let's keep close watch on RLX (Retail) as this is early warning
signal of economic pulse that consumer spending spree is peaking;
this topping process and rolling over of RLX index (if now is
commencement)is 3 to 6 month lead indicator and that consumers are
tightening up pocketbooks on spending habits which will ultimately
filter down to wall-street.
4)Internet Indices showing some vigor but IIX need to take out 312
and DOT 598 on two consecutive closes. Both indices are within
striking distance and we need conservative approach here hence the
two day close and not one day false break. If the market is to get
new legs, NUTS must move up now.
5)Pathetic XAU trying to wake out of the slumber from the grave and
this mummy groaned a breath of life up 3.2%. Two close above 64 will
lead to this little rally which may fizzle or dazzle depending on
broad market. If market is in dire cahoots, XAU should turn up here
for rally. Otherwise, put the mummy back where it belongs in the tomb
of the dead.
Best, J.T.
