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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: ViperChick Secret Agent 006.9 who wrote (20203)	6/12/1998 2:21:00 PM
From: donald sew	Read Replies (2) \| Respond to of 94695

Lisa, Print is any actual intraday price. Theoretical levels are calculated by taking the intraday highs or lows of the DOW's components, then calculate the DOW's index price. This type of calculation could be as much as 50 dow points off the actual. It just a mathematical interpretation, which I feel really does not mean that much. A bit to theoretical seeya

To: ViperChick Secret Agent 006.9 who wrote (20203)	6/12/1998 2:34:00 PM
From: Vitas	Read Replies (1) \| Respond to of 94695

looking at last Thursday's low which he refers to, the print-actual low was 8749.74 the theoretical low was 8719.85 so when he says intraday, looks like he means theoretical a number of technicians are used to doing their cycle work on the Dow on a theoretical basis because that is the way Dow provided the figures; it was only 3 or 4 years ago or whatever that they started providing the actual-print range - Barron's and WSJ give both sets of figures these days Vitas

To: ViperChick Secret Agent 006.9 who wrote (20203)	6/12/1998 4:18:00 PM
From: edward miller	Respond to of 94695

Lisa, Let me give you a concrete but hypothetical example. All numbers below are artificial and do not relate to today's prices. Assume the IBM traded in the range of 116 1/8 to 120 5/8 during the day and further that the low was hit at 11:30 and the high at 9:30. At 12:15 it traded at 116 3/4. If you look at the market at 12:15 the Dow PRINT price will reflect 116 3/4 on IBM. At that exact time some Dow stocks may be trading at their lows for the day and some may be trading at their highs for the day. It is more likely they are somewhere in between their lows to their highs, but at least one could be at a trading extreme. They certainly are not all AT THEIR LOWS at the same time, nor AT THEIR HIGHS at the exact same time. At 12:15 the LOW for the Dow as seen on the machine is the sum of the lows for each of the individual stocks. This does not reflect the actual price seen on the Dow at any time during the day, which would be the PRINT value. Instead it is the sum of the lows on each issue. That is why it is called the theoretical low. The print value of the Dow is what you see on the quote machine at any moment during the day. The low column is a sum of lows which occur at different times, so it does not reflect a real Dow price. I hope this is sufficiently clear and detailed. Ed Miller