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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 680.44+0.6%Dec 19 4:00 PM EST
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To: Iris Shih who wrote (19839)2/11/1999 3:10:00 PM
From: Clint E.  Read Replies (1) of 69126
 
>>>How about the new lows on naz and nyse? New lows outnumber new highs.

I don't care about that. Never really stopped us from GOING UP before. Many keep mentioning and tracking that data anyway.

Read this from Last night's commentary by a pru's TA:
==============================

brought to you by Larry Wachtel.

February 10, 1999, 8:45 a.m. EST

Nobody's perfect. Yet, at the end of January we had a handful of big cap stocks that were priced to perfection. What has been going on in this corrective period is the unraveling of these nifty-fifty stocks that dominate the well-known indices but which have become alienated from the broad market.

For example, last year NASDAQ put in a gain of 39.6%. Take out Microsoft and the gain falls to 23%. Take out Microsoft, Intel, Cisco, Worldcom and Dell and the return for NASDAQ becomes negative 7.3%. So, if NASDAQ is getting smashed these days, we are really correcting the excesses of five stocks.

Meanwhile, the average NASDAQ stock is still 38% off its 52-week high, the average S&P 500 issue is down 22% and the average New York Stock Exchange issue is down 31%.

This has always been the dilemma on Wall Street: How do you measure the market?............
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