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To: mishedlo who wrote (78465)3/11/2001 12:03:04 AM
From: Les H  Respond to of 436258
 
It takes a whole lot more money to drive up the Dow/NYSE than the Nasdaq, plus the last 25+ percent runup last March was done on the back of a 12-14 percent drop in the Dow/NYSE. Given that the Dow/NYSE was about the twice the market cap, it looks like net-net, money was actually leaking out of the market at the time. The institutional ownership stats on the Nasdaq site bear that out as insitutional ownership of Nasdaq stocks peaked in December 1999.