MARKET INDEX LABORATORY, Wednesday, July 7, 1999
INDEX Pr Cls Open High Low Close Change %Change 12MO HI 12MO LO
THE MAJORS
DOW 11,135 11,135 11,187 11,080 11,187 + 52 +0.5% 11,187** 7,539
SPX 1,388 1,388 1,396 1,385 1,396 + 8 +0.6% 1,396** 957
OEX 714 714.3 719.8 713.3 719.5 + 5.5 +0.8% 719.7** 471
RUT 456.5 456.5 456.7 451.8 452.5 - 4 -0.8% 464 310
TRAN 3,478 3,478 3,478 3,443 3,475 - 3 -0.1% 3,784 2,345
UTIL 321.5 321.4 322 319.9 321.5 - 0 - 0 % 334 272
VIX 20.27 21.33 21.75 20.12 20.21 - .06 -0.3% 48.56 16.88
TECHNOLOGY/SEMICONDUCTOR/SOFTWARE
COMP 2,734 2,742 2,748.8 2,724 2,743 + 6 +0.2% 2,743** 1,419
NDX 2,331 2,331 2,347 2,317.4 2,340.5 + 9.5 +0.4% 2,348 1,129
MSH 1,181 1,181 1,188 1,173 1,185.5 + 4.5 +0.4% 1,185.5** 480
PSE 612 611.7 612.2 604.4 610.5 - 1.5 -0.2% 612.8 278
SOX 496 496 497.5 489.7 491.5 - 4.5 -0.9% 495.9 190
CWX 785.5 785.5 794.5 771.4 794.5 + 9 +1.1% 797 399
INTERNET/NETWORKING
DOT 665 662.7 664.5 644.3 654 - 11 -1.7% 790 144
IIX 323 323 324.5 316.5 320 - 3 - 1 % 358 97
GIN 523 523 523 505.4 513 - 10 -1.9% 667 114
NWX 593 593 595.9 590 591.5 - 1.5 -0.3% 596 232
BANKS/BROKERAGE/RETAIL/CONSUMER/DRUGS/CYCLICAL
BKX 910.5 909.3 912.7 905.3 910 - .5 -.05% 935 592
XBD 443.5 443.5 443.5 435.8 438 - 5.5 -1.2% 530 149
RLX 944 944.3 952.7 942 945 + 1 +.07% 966 588
CMR 557.5 557.5 559.5 555.7 559.5 + 2 +0.4% 574 444
DRG 376 376 376.7 373.5 376 - 0 - 0 % 425 304
CYC 597.5 597.5 599.3 594.5 599.5 + 2 +0.3% 619 392
OIL/GOLD-SILVER/COMMODITY
XOI 528 528 528.4 521 527 - 1 -0.2% 527.9 377
OSX 78 77.8 77.8 75.8 76 - 2 -2.5% 86.4 47
XAU 63 63.1 64 62.5 63 - 0 - 0 % 87 49
CRX 215 215 215 212.6 213.5 - 1.5 -0.6% 229 149
30 YR. BOND YIELD
TYX 6.043% - 6.083% 6.053% 6.058%
MARKET INDEX LABORATORY, July 7, 1999 (PAGE 2)
MISCELLANEOUS INDICES
AIRLINES/TOBACCO/CHEMICAL/INSURANCE/YEAR 2000
XAL 170 170.3 172.5 168.6 172.5 + 2.5 +1.3% 204 116
TOB 289 289.2 289.2 285.4 286 - 3 -1.1% 326 236
CEX 518.5 518.6 519 514 517.5 - 1 -0.2% 547 402
IUX 654 654.2 659.3 652.6 658 + 4 +0.6% 710 471
YTK 215 215.3 215.3 211 214 - 1 -0.6% 237 144
***PLEASE NOTE***Market shallow pullback this morning was
shortlived as they were setting it up big for nice rally tomorrow.
Didn't even feel like new highs today via the DOW, SPX, COMP et al
but you are going to see increased volume tomorrow and the buy orders
swell. DOW should test 11,280 to 11,300 intraday tomorrow, imho.
It is very imperative for RUT to come out to play in this next
rally. New highs should be taken out in next few trading days. If
this does not happen, and the infantry does not participate, you will
not get that important break-out in net new advances over declines
needed to take us to higher levels. We need something like 35,000 net
new advances to reach the HIGH A/D Levels set last April '98. The
final conclusion would be that this latest run to new highs would
simply be one last thrust of say 5% to 7% over previous highs before
the trend changes. My target is DOW 11,885.
Best, J.T.
