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To: Arthur Tang who wrote (810)	5/28/1998 2:45:00 PM
From: Peter Lochowicz	Read Replies (1) \| Respond to of 1471

Arthur, Would you tell us what you think about the importance of some widely used market indicators. I'm curious to hear about DJIA. To me, that indicator is very misleading. Firstly, because (unlike S&P500) it is not market cap - weighted. So, if company A market cap is MUCH LESS than that of company B, but company A shares price is higher than B's, then A will have a stronger influence on DJIA. Secondly, DJIA is an odd mixture of companies. Yes, there are some biggest US companies included in it, but I guess there is also one or two that are number 400 company sizewise. It seams to me that DJIA is more for dumb mobs, little investors, to lure them into thinking that thay know what is going on in the market. Strong hands pay more attention to more reliable indicators, eg. new highs vs. new lows, Advance/Decline lines to name a few. Comments?