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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: kanuti who wrote (29453)	3/22/2003 6:42:38 AM
From: Justa Werkenstiff	Read Replies (3) \| Respond to of 30712

The Nasdaq and NDX were relatively weak at so many junctures yesterday that it was striking to me. On the "Saddam is dead" surge, they could not make higher highs than that of their open unlike the SPX aned Dow. It was only when the Dow and SPX exceeded their opening highs on that spike and then proceeded to go even higher that the Nasdaq and NDX made higher highs for the day. But then the market retreated a bit and the Nasdaq and NDX just folded. But the the SPX and Dow surged on "shock and awe" further making even higher highs for the day and closing at their highs with marazubos. NDX and Nasdaq closed below their opens and, of course, below their highs for the day even with that extra push by the SPX and the Dow. Now here is an interesting fact. Off the lows, the SPX is up 13.4% and the Dow is up 14.90% while the Nasdaq is up 13.56%. on beta adjusted basis the Nasdaq has underperformed. The sell off up preceeding the war rally was mainly Dow and SPX related. The Nasdaq looked to have relative strength at this bottom. But does it here on the rally? Whatever it had, it has lost it. And we are back to where we were a few months ago on all the averages.