Hi doug, my 3500 stock database is calculated into a composite and that composite is only down 2% from the April 98 high and down 9% from the July 99 high. I scratch stocks which are under $ 5, trade less than 30,000 shares on average, and are confirmed to be becoming acquired, merged, or delisted. So far, it's been going sideways since the early August low between the 50- and 200-day moving averages in a similar manner to May-June of this year. Back then, it started to rally when the broad market rallied. As an aside, the advance-decline for the Nasdaq 100 has also been flat since the August low and is still below the August 25 peak and much farther below the July peak.
From Thomson's Earnings Report
MARKET EARNINGS
We continue to roll on toward what will be an excellent reporting season for 3Q99. Estimates are being trimmed, but no more than usual. Over the last three weeks the estimate has only dropped 0.8% to the current 20.6%. It may goes as low 19.0% over the four weeks remaining until the reporting season starts in earnest. It is likely that the final results will beat the estimates by a little more than the 2.6% average of the last five years. Therefore, we continue to believe the final results will be about 22%.
Sector leaders in 3Q99 earnings growth show a major shift from 1Q99 and 2Q99. Energy and Financials lead the pack this quarter versus technology and consumer cyclicals last quarter. Estimates continue to climb for energy companies. By 4Q99 the clear leaders in earnings growth will be energy and basic materials (papers, metals, chemicals).
thomsoninvest.net |
