MARKET INDEX LABORATORY, Thursday, July 8, 1999
INDEX Pr Cls Open High Low Close Change %Change 12MO HI 12MO LO
THE MAJORS
DOW 11,187 11,183 11,211 11,092 11,127 - 60 -0.5% 11,187 7,539
SPX 1,396 1,396 1,403 1,387 1,394.5 - 1.5 -0.1% 1,396 957
OEX 719.5 719.5 723.5 713.6 718 - 1.5 -0.2% 719.7 471
RUT 452.5 452.7 454.8 450.6 454.5 + 2 +0.5% 464 310
TRAN 3,475 3,474 3,474 3,415 3,451 - 24 -0.7% 3,784 2,345
UTIL 321.5 321.2 322 320 320.5 - 1 -0.2% 334 272
VIX 20.21 21.42 21.81 19.68 19.87 - .34 -1.7% 48.56 16.88
TECHNOLOGY/SEMICONDUCTOR/SOFTWARE
COMP 2,743 2,744 2,775.5 2,731 2,772 + 29 +1.1% 2,771.8** 1,419
NDX 2,340.5 2,341 2,378 2,329 2,374.5 + 34 +1.5% 2,374.6** 1,129
MSH 1,185.5 1,185.5 1,207 1,181.4 1,201.5 + 16 +1.4% 1,201.5** 480
PSE 610.5 610.3 619.7 608.7 619.5 + 9 +1.5% 619.5** 278
SOX 491.5 491.4 510 490.7 510 +18.5 +3.8% 509.9** 190
CWX 794.5 794.3 800.5 782.7 800 + 5.5 +0.7% 799.7** 399
INTERNET/NETWORKING
DOT 654 662.7 670.5 650.8 665 + 11 +1.7% 790 144
IIX 320 320 328.3 320 325.5 + 5.5 +1.7% 358 97
GIN 513 513 533.4 513 523.5 +10.5 +2.1% 667 114
NWX 591.5 591.4 594.9 583.5 594.5 + 3 +0.5% 596 232
BANKS/BROKERAGE/RETAIL/CONSUMER/DRUGS/CYCLICAL
BKX 910 908 913.4 901.7 905 - 5 -0.6% 932 592
XBD 438 438 440.7 432.8 436 - 2 -0.5% 530 149
RLX 945 945 950.3 931.9 940 - 5 -0.5% 966 588
CMR 559.5 559.5 560 554 555 - 4.5 -0.8% 574 444
DRG 376 375.9 376 369.6 372.5 - 3.5 -3.4% 425 304
CYC 599.5 599.3 601.8 596 599 - .5 -0.1% 619 392
OIL/GOLD-SILVER/COMMODITY
XOI 527 526.8 533.6 525.9 527.5 + .5 +0.1% 527.9 377
OSX 76 77.5 79 77.4 79 + 3 +3.9% 92 47
XAU 63 63.1 63.6 61.5 62 - 1 -1.6% 87 49
CRX 213.5 213.6 215.4 212.6 213 - .5 -0.2% 229 149
30 YR. BOND YIELD
TYX 6.058% - 6.093% 5.998% 5.998%
MARKET INDEX LABORATORY, July 8, 1999 (PAGE 2)
MISCELLANEOUS INDICES
AIRLINES/TOBACCO/CHEMICAL/INSURANCE/YEAR 2000
XAL 172.5 172.4 172.4 169.7 171 - 1.5 -0.8% 204 116
TOB 286 286 286.1 274.7 278.5 - 7.5 -2.6% 326 236
CEX 517.5 517.3 517.6 510 510.5 - 7 -1.3% 547 402
IUX 658 658.3 659.1 652.9 654 - 4 -0.7% 710 471
YTK 214 214 214.2 210.6 213 - 1 -0.5% 237 144
***PLEASE NOTE***In a word: SOX. It's not the red
socks; Not the white socks; it is the white hot SOX
Index. Many of the major stocks in this group are moving up
ahead of earnings report starting tomorrow and moving into next week.
My fav MOT reports next Tues and should take out 100 tomorrow at
least on intraday basis.
Tobacco stocks permeated the evil twin of the market as it cast a
pall over the broad indices ex-tech. RUT moved up 2 to .05% and
we need this one to fully participate in here and beyond or this will
signal to me we are near the end of the run vs. another leg up. New
highs must be confirmed two consecutive days for the market to
have broad-based staying power.
Bond yields finally broke the 6% barrier and this can only help the
market going forward if yields continue to move to the 5.5% level.
If PPI/CPI shows up benign next week 5.5% is a slam dunk on its way
to 5.25%. Lower bond yields will attempt to justify lofty stock
valuations and head us back in the direction of parity as measured by
the Fed debt/equity model.
Best, J.T.
