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To: j g cordes who wrote (31163)	12/14/1997 9:09:00 PM
From: Heg Heg	Read Replies (1) \| Respond to of 58727

Hi Jim, you calculated our chances for more down by assuming random walk, no? I have just finished checking over some historic data and it appears that the market is more trendy than just random walk would suggest: On the SPX there are fewer one and two day streaks and more longer streaks than pure random (flipping coins) would suggest. So in the last five years I could find 26 streaks (7 down, 19 up) which lasted 6 days or longer on the SPX. Pure chance would suggest it should have been only 18. The DJ30 by contrast comes very close to random. FWIW Heg