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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Boca_PETE who wrote (1442)10/7/1998 5:04:00 PM
From: Justa Werkenstiff  Read Replies (1) of 15132
 
Pete: There was a successful test of the S & P and the DOW on increased volume on the NYSE from yesterday at 970m versus 842m. The increased volume is somewhat troubling in my view. We are between the volume of August 31 at 915m and the September 1 volume of 1.2b. But, nevertheless, there was another successful test.

The NASDAQ closing benchmark was violated at 1463 compared with the closing benchmark of 1499 with increasing volume at 934m versus about 860m to 880m over the past few trading days but still lower than the volume of August 31 and Septemeber 1. As a footnote, the NASDAQ did trade into the 1460s intraday on either August 31 or Septemeber 1.

Like I said yesterday, the NASDAQ seems to be leading this market around by the nose. I wonder how much of today's sell off was accounted for the drops in CSCO, DELL and MSFT? I think this is where the story lies. Throughout the day the DOW and the S & P to a lesser extent tried to rally but the NASDAQ seemed to pull these averages down. INTC was essentially flat. On the good news side, the leaders usually get shot at the end of a correction. And nobody can argue that these leaders were not highly valued before they got trimmed a bit today.

Don is much better than me with this stuff and so perhaps he can shed some light on things.
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