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QNTM will be exiting the Nasdaq, the NDX, and the OTX as of Monday's open since it's moving to the NYSE as two tracking stocks: DSS and HDD. CIEN replaces it in the NDX but haven't so far determined the replacement for the OTX. The OTX has a 93% correlation to the NDX since 1/2/98. I have a homemade NYX (15 Most Active, Market Cap for the NYSE) which has a 85% correlation to the NDX: AOL, CPQ, EMC, GE, HD, HWP, IBM, LU, MOT, SEG, T, TWX, TXN, TYC, and WMT, which produces a basically identical chart to the OTX. The HILO index has been diverging on both indexes since February so that the advance has been getting narrower among the prime stocks. |
