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To: Shack who wrote (131685)	4/5/2006 4:28:16 PM
From: Henry J Costanzo	Read Replies (3) \| Respond to of 209892

<<... a new SPX high without the RUT.....>> FYI.....That first hit me as kinduva strange way of putting things, Shack..when SPX making a 5-year high, while RUT has been making all-time highs for long time now.....(new RUT highs without the SPX....??) LOL <<..Leadership shifting to tech?..>> We've certainly had some days lately where that seems likely..but don't believe that case can be made......yet....Today was another day when techs far outstripped non-tech....on a one-day basis....everything from the semi complex, to MSH, NWX, and GSO......and NDX especially.......Bears watching...... Haven't posted any relevant ratio charts in ages..can't right now, but maybe tonight....

To: Shack who wrote (131685)	4/5/2006 11:01:08 PM
From: Henry J Costanzo	Respond to of 209892

<<Leadership shifting to tech?...>> Indicated to you this afternoon, Shack, that I would try to post some ratio charts relevant to that question. Have not looked at any....or posted any....in many moons..... I've chosen $DWC, which you know is probably my favorite index, to represent the "broad market"........and I've taken 4 tech index/ETFs as indicative of tech action......BDH Broadband Holders, $MSH Morgan Stanley High tech Index, and our old everyday workhorses SOX (defective though it be) and the NDX 100. The charts are self-explanatory, and you can draw your own conclusions. In general, they show (what we've pretty much all known): ........ relative weakness/underperformance of techs throughout 2004 and into the Spring months of 2005..... ........general improvement /relative strength of techs in the second half of 2005. ........a reversal, and relative tech weakness showing up at the beginning of 2006.. .........another reversal.....towards strength, and the leadership you mention.....beginning to show up in about mid-March ..still in its early...and probably tentative.... stages... {Just noticed that the $NDX chart shows a different time period.......does not show 2004.. Sorry....too much bother to redo...and wouldn't change the general picture in any event...LOL..) home.twcny.rr.com