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Pastimes : Richard Ney and the Wall Street Gang -- Ignore unavailable to you. Want to Upgrade?

To: BenYeung who wrote (190)	2/24/1998 9:12:00 PM
From: m-top	Respond to of 492

Ben, Not sure exactly what to think here. Seems that for the majority of this recent advance the OEX and SPX have led the DOW and, the DOW has led the NASD market. Recently, the NASD has been catching up. I think that soon the DOW will catch up with the OEX. I don't think the divergence in the NASD and DOW are that significant as the NASD has finally caught up and "confirmed" new highs. The broader market as measured by the RUT (2000) has a more significant divergence though. Overall, I'm suprised at the strength of the NASD. Back in Nov/Dec I thought it was dead and would not see new highs this cycle. But here we are. DELL,MSFT,CSCO are essentially a proxy for the NASD market given their weighting in many of the NASD averages. That's why its key to disect their individual technical position. Quite a reversal today in the three of these issues. Seems too obvious though, intended to motivate the bears. Though we could see a lower market on the open, for now I'm still sticking to higher prices near term.