Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Joan Osland Graffius who wrote (11964)	12/20/1997 2:15:00 PM
From: kas1	Read Replies (1) of 94695

Joan and Bill... may I play a bit of devil's advocate? >I have been looking at the old DOW topping out charts also. Why this fascination with the Dow? As we saw on Friday, DJIA does not represent the market as a whole. All the quality tech stocks were strongly up, even as the Dow was down 200+ points. Does anyone really care about GM or Woolworth anymore? I propose that the usefulness of the Dow as a real gauge of the market -- and the companies/stocks that really matter -- is precisely zero. The only role the Dow plays is that it's a relatively arbitrary number quoted on the evening news, that perhaps affects amateur-level perceptions of the market. As such, however, we should be discussing DJIA as a sentiment indicator (or a sentiment determinant), not as a true market gauge. As usual -- BWDIK? I'm recovering from gum surgery this weekend, and I think the codeine puts me in a combatitive mood. :-)

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