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Strategies & Market Trends : Waiting for the big Kahuna
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To: James F. Hopkins who wrote (27405)9/11/1998 9:58:00 AM
From: James F. Hopkins  Read Replies (3) of 94695
 
TO ALL; FWIW, the NAZ100 has 4 top runners that compose over 50%
of that index.
MSFT
INTC
CSCO
DELL
----------
June 29th they were 50.67 % of the index
August 28th they were 54.18% of the index.
the power in the so called blue chips can be
explained by the way the index is weighted along
with the way arbitrage is carried out on puts & calls.
I've not tracked this very long, but you don't have to
be very smart to see that when 4 stocks control over
half the index, the index can not tell you real market
conditions. At some point the liquidity of those 4 stocks
is subject to break down, your guess is as good as mine,
but I doubt anyone has a handle on it.
Jim
PS DIGI, was replaced with LVLT in the index at some time
between the two dates.
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