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For the record, the high for the VSE composite was 1,472.60 in June 1996. Since then things have sucked, in the wake of Bre-X (which was NOT listed on the VSE) and more importantly, the price of gold. Considering everything, it doesn't look half bad even if you compare it against the XAU, the Philly Gold and Silver index of senior mining stocks. Fiddling around with indices is not a new game, and is used by all of the exchanges to make themselves look better, including the Dow and the S&P. As for the VSE, I guess you can't count the stocks which "graduated" to larger stock exchanges and then delisted from the VSE, or stocks that merged with seniors, like Diamondfields, Diamet, Lytton, Arequipa and the like. In any event, we don't trade the index so it doesn't matter. What matters to a professional trader is volume and volatility. Those two factors are the only ones required to make $$. Besides, if you think the VSE is so full of crap, just short the shit out of everything and you'd be a millionaire! |
