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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

Nov 13 4:00 PM EST

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To: Berney who wrote (19020)	7/1/1999 12:22:00 PM
From: Ken98	Read Replies (1) of 99985

Berney, most of that volume was related to rebalancing of the Russell indexes. The stocks that were added/dropped were bought/sold "at the close" thus leading to incredible swings and volumes in the issues affected. This is also what is leading to the drop in the RUT today, not the deletion of the internet stocks. Very few internet stocks were dropped out and several were added. Look at these charts of several stocks that were added yesterday and you will see what I mean: quote.yahoo.com And a couple that were dropped: quote.yahoo.com It's kind of funny like Jim notes that they never drop the high fliers. And they are able to keep the internets in the index because they use a "tradeable base" theory to say that because the market cap of the float is small these companies are "small cap" even though the total market cap is several billion dollars. Not exactly what most people think of when you say "small cap stocks." Most people would not consider CMGI or MFNX to be small cap with market caps of 9+ and 5+ billion, respectively. Regards, Ken.

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