Dave; The SPX (S&P500 ) may represent 70% of the total market cap,
BUT the 50 top stocks in the S&P , have over 50% of it's value !!
It's also weighted via market cap. A 1pt move of the top stock
skews the index far far more than even the 50th stock.
We are in effect back to the NIFTY FIFTY concept of the sixties,
index funds must buy and track these suckers it's among the
Nifty Fifty they must adjust their holdings the most.
----------------
Top 25 weight April 30th.
Symbol Prev Cls Last Trade Volume Change Value Change Gain Trade Date Mkt Cap
^DJI 9048.67 Jul 2 9025.26 N/A -23.41 -0.26% - -0.26% - - - N/A
^IXIC 1914.46 Jul 2 1894.00 N/A -20.46 -1.07% - -1.07% - - - N/A
^NYA 585.60 Jul 2 585.80 N/A +0.20 +0.03% - +0.03% - - - N/A
^OEX 560.60 Jul 2 559.38 N/A -1.22 -0.22% - -0.22% - - - N/A
^SPX 1148.56 Jul 2 1146.42 N/A -2.14 -0.19% - -0.19% - - - N/A
GE 91 3/16 Jul 2 90 15/16 2,137,600 -1/4 -0.27% -$8.25 -0.27% $191.81 +6.83% 30-Apr-98 296.3B
MSFT 109 3/8 Jul 2 107 1/4 6,830,300 -2 1/8 -1.94% -$51.00 -1.94% $411.00 +19.00% 30-Apr-98 264.3B
KO 85 3/4 Jul 2 85 3/8 1,578,200 -3/8 -0.44% -$9.38 -0.44% $237.50 +12.52% 30-Apr-98 210.8B
XON 72 15/16 Jul 2 72 7/8 2,592,700 -1/16 -0.09% -$1.56 -0.09% -$1.56 -0.09% 30-Apr-98 178.3B
PFE 107 3/16 Jul 2 107 1/2 2,740,800 +5/16 +0.29% $4.06 +0.29% -$82.03 -5.54% 30-Apr-98 140.4B
MRK 133 5/32 Jul 2 132 3/4 1,383,200 -13/32 -0.31% -$4.88 -0.31% $147.00 +10.17% 30-Apr-98 158.7B
INTC 75 3/16 Jul 2 73 1/4 10,048,500 -1 15/16 -2.58% -$31.00 -2.58% -$121.00 -9.36% 30-Apr-98 124.2B
RD 55 7/8 Jul 2 55 5/8 983,200 -1/4 -0.45% -$5.25 -0.45% -$19.69 -1.66% 30-Apr-98 119.3B
WMT 60 1/2 Jul 2 60 11/16 1,735,700 +3/16 +0.31% $4.12 +0.31% $222.75 +20.02% 30-Apr-98 135.7B
IBM 116 3/4 Jul 2 115 3/16 3,219,800 -1 9/16 -1.34% -$15.62 -1.34% -$6.88 -0.59% 30-Apr-98 108.6B
PG 92 5/16 Jul 2 92 9/16 1,098,900 +1/4 +0.27% $3.25 +0.27% $134.88 +12.62% 30-Apr-98 124.1B
BMY 116 11/16 Jul 2 119 1/16 1,178,800 +2 3/8 +2.04% $23.75 +2.04% $131.88 +12.46% 30-Apr-98 118.5B
LU 84 5/16 Jul 2 82 1/2 3,078,700 -1 13/16 -2.15% -$23.56 -2.15% $82.88 +8.37% 30-Apr-98 108.2B
T 56 3/4 Jul 2 54 7/8 13,624,300 -1 7/8 -3.30% -$30.00 -3.30% -$83.00 -8.64% 30-Apr-98 89.128B
JNJ 73 1/4 Jul 2 73 11/16 1,593,000 +7/16 +0.60% $5.69 +0.60% $30.06 +3.24% 30-Apr-98 99.085B
AIG 146 3/16 Jul 2 146 15/16 662,900 +3/4 +0.51% $5.25 +0.51% $107.63 +11.69% 30-Apr-98 102.8B
MO 40 1/2 Jul 2 40 1/8 4,648,300 -3/8 -0.93% -$9.00 -0.93% $67.50 +7.54% 30-Apr-98 97.478B
DIS 106 1/4 Jul 2 106 7/16 2,698,000 +3/16 +0.18% $1.31 +0.18% -$125.12 -14.38% 30-Apr-98 72.562B
DD 77 Jul 2 76 3/16 1,151,200 -13/16 -1.06% -$8.94 -1.06% $37.12 +4.64% 30-Apr-98 85.978B
HWP 58 3/16 Jul 2 57 5/16 3,134,400 -7/8 -1.50% -$8.75 -1.50% -$180.00 -23.90% 30-Apr-98 59.574B
LLY 64 9/16 Jul 2 64 7/8 1,886,700 +5/16 +0.48% $3.44 +0.48% -$51.53 -6.74% 30-Apr-98 71.844B
SBC 39 5/8 Jul 2 39 7/8 1,877,100 +1/4 +0.63% $4.50 +0.63% -$28.12 -3.77% 30-Apr-98 73.324B
CSCO 94 9/16 Jul 2 92 5/8 8,624,000 -1 15/16 -2.05% -$19.38 -2.05% $193.75 +26.45% 30-Apr-98 96.010B
BEL 46 7/16 Jul 2 46 1/2 1,404,000 +1/16 +0.13% $0.50 +0.13% -$376.50 -50.30% 30-Apr-98 36.093B
NB 79 15/16 Jul 2 82 1/4 3,447,800 +2 5/16 +2.89% $20.81 +2.89% $58.50 +8.58% 30-Apr-98 78.786B
Totals: -$149.88-0.49%$978.83+3.34%
--------------
Next 26
Symbol Prev Cls Last Trade Volume Change Value Change Gain Trade Date Mkt Cap
^SPX 1148.56 Jul 2 1146.42 N/A -2.14 -0.19% - -0.19% - - 5-Dec-97 N/A
TRV 63 1/8 Jul 2 63 5/8 2,559,400 +1/2 +0.79% $5.50 +0.79% $26.81 +3.98% 30-Apr-98 73.172B
CCI 155 3/4 Jul 2 157 1/2 1,698,200 +1 3/4 +1.12% $8.75 +1.12% $35.00 +4.65% 30-Apr-98 71.114B
G 57 11/16 Jul 2 58 13/16 2,349,500 +1 1/8 +1.95% $13.50 +1.95% $19.23 +2.80% 30-Apr-98 66.071B
BLS 68 11/16 Jul 2 68 3/16 1,193,800 -1/2 -0.73% -$5.00 -0.73% $40.00 +6.23% 30-Apr-98 67.512B
FNM 64 Jul 2 64 7/8 1,589,800 +7/8 +1.37% $9.62 +1.37% $55.00 +8.35% 30-Apr-98 67.268B
MOB 79 1/2 Jul 2 79 1/16 1,375,000 -7/16 -0.55% -$3.50 -0.55% $0.50 +0.08% 30-Apr-98 61.778B
AHP 51 11/16 Jul 2 51 7/8 1,882,000 +3/16 +0.36% $2.25 +0.36% $63.75 +11.41% 30-Apr-98 68.092B
PEP 42 Jul 2 43 11/16 3,354,200 +1 11/16 +4.02% $25.31 +4.02% $60.01 +10.08% 30-Apr-98 65.139B
BAC 90 1/16 Jul 2 92 7/16 1,703,300 +2 3/8 +2.64% $16.62 +2.64% $52.06 +8.75% 30-Apr-98 63.107B
CMB 75 1/2 Jul 2 75 7/16 2,363,200 -1/16 -0.08% -$0.50 -0.08% $49.26 +8.89% 30-Apr-98 64.381B
FTU 59 Jul 2 59 9/16 1,901,800 +9/16 +0.95% $5.62 +0.95% -$8.12 -1.35% 30-Apr-98 37.479B
SGP 94 Jul 2 94 7/16 1,024,500 +7/16 +0.47% $3.06 +0.47% $100.19 +17.86% 30-Apr-98 69.286B
ABT 41 7/16 Jul 2 41 3/4 1,150,800 +5/16 +0.75% $5.00 +0.75% $83.00 +14.19% 30-Apr-98 64.444B
GTE 56 1/4 Jul 2 56 7/16 1,223,000 +3/16 +0.33% $1.88 +0.33% -$20.00 -3.42% 30-Apr-98 54.326B
F 58 3/8 Jul 2 57 7/8 1,452,600 -1/2 -0.86% -$6.00 -0.86% $144.75 +26.33% 30-Apr-98 66.101B
CHV 84 15/16 Jul 2 85 1/8 1,178,500 +3/16 +0.22% $1.31 +0.22% $17.06 +2.95% 30-Apr-98 55.676B
DELL 93 15/16 Jul 2 92 7/8 4,870,800 -1 1/16 -1.13% -$7.44 -1.13% $84.88 +15.02% 30-Apr-98 58.786B
WLA 71 1/2 Jul 2 73 1/16 2,195,800 +1 9/16 +2.19% $4.69 +2.19% $30.00 +15.86% 30-Apr-98 59.874B
HD 85 Jul 2 85 7/8 1,836,200 +7/8 +1.03% $6.12 +1.03% $113.75 +23.34% 30-Apr-98 63.099B
BA 47 7/16 Jul 2 48 7/16 5,158,100 +1 +2.11% $10.00 +2.11% -$16.23 -3.24% 30-Apr-98 48.940B
UN 80 3/4 Jul 2 81 5/16 212,200 +9/16 +0.70% $3.38 +0.70% $40.12 +8.96% 30-Apr-98 52.053B
AXP 112 Jul 2 111 5/8 550,500 -3/8 -0.33% -$1.88 -0.33% $48.12 +9.44% 30-Apr-98 51.476B
GM 68 1/2 Jul 2 68 7/8 2,004,600 +3/8 +0.55% $2.62 +0.55% $10.50 +2.23% 30-Apr-98 46.035B
AIT 44 15/16 Jul 2 44 15/16 999,800 0 0.00% $0.00 0.00% $26.12 +5.58% 30-Apr-98 49.454B
MWD 90 1/8 Jul 2 90 3/16 1,048,300 +1/16 +0.07% $0.38 +0.07% $67.88 +14.34% 30-Apr-98 54.190B
TWX 86 3/16 Jul 2 85 15/16 625,900 -1/4 -0.29% -$1.50 -0.29% $44.62 +9.47% 30-Apr-98 45.868B
Totals: $99.81+0.65%$1,168.28+8.12%
Note the move into the second tier , +.65 1st tier -.49 net +.16
but spx net -.19, indicates market is cautious but still strong.
----------------------
Here is the top 15 of the OEX note they are weighted different.
Symbol Prev Cls Last Trade Volume Change Value Change Gain Trade Date Mkt Cap
^OEX 560.60 Jul 2 559.38 N/A -1.22 -0.22% - -0.22% - - - N/A
GE 91 3/16 Jul 2 90 15/16 2,137,600 -1/4 -0.27% -$8.25 -0.27% $191.81 +6.83% 30-Apr-98 296.3B
MSFT 109 3/8 Jul 2 107 1/4 6,830,300 -2 1/8 -1.94% -$51.00 -1.94% $411.00 +19.00% 30-Apr-98 264.3B
KO 85 3/4 Jul 2 85 3/8 1,578,200 -3/8 -0.44% -$9.38 -0.44% $237.50 +12.52% 30-Apr-98 210.8B
XON 72 15/16 Jul 2 72 7/8 2,592,700 -1/16 -0.09% -$1.56 -0.09% -$1.38 -0.08% 30-Apr-98 178.3B
MRK 133 5/32 Jul 2 132 3/4 1,383,200 -13/32 -0.31% -$4.88 -0.31% $147.00 +10.17% 30-Apr-98 158.7B
INTC 75 3/16 Jul 2 73 1/4 10,048,500 -1 15/16 -2.58% -$31.00 -2.58% -$120.96 -9.36% 30-Apr-98 124.2B
WMT 60 1/2 Jul 2 60 11/16 1,735,700 +3/16 +0.31% $4.12 +0.31% $222.76 +20.03% 30-Apr-98 135.7B
IBM 116 3/4 Jul 2 115 3/16 3,219,800 -1 9/16 -1.34% -$15.62 -1.34% -$6.88 -0.59% 30-Apr-98 108.6B
BMY 116 11/16 Jul 2 119 1/16 1,178,800 +2 3/8 +2.04% $23.75 +2.04% $131.88 +12.46% 30-Apr-98 118.5B
T 56 3/4 Jul 2 54 7/8 13,624,300 -1 7/8 -3.30% -$30.00 -3.30% -$83.00 -8.64% 30-Apr-98 89.128B
JNJ 73 1/4 Jul 2 73 11/16 1,593,000 +7/16 +0.60% $5.69 +0.60% $30.06 +3.24% 30-Apr-98 99.085B
AIG 146 3/16 Jul 2 146 15/16 662,900 +3/4 +0.51% $5.25 +0.51% $107.62 +11.69% 30-Apr-98 102.8B
DIS 106 1/4 Jul 2 106 7/16 2,698,000 +3/16 +0.18% $1.31 +0.18% -$125.12 -14.38% 30-Apr-98 72.562B
DD 77 Jul 2 76 3/16 1,151,200 -13/16 -1.06% -$8.94 -1.06% $37.12 +4.64% 30-Apr-98 85.978B
HWP 58 3/16 Jul 2 57 5/16 3,134,400 -7/8 -1.50% -$8.75 -1.50% -$180.00 -23.90% 30-Apr-98 59.574B
Totals: -$129.25-0.61%, $999.43+5.00%
I use to think the OEX was the top 100 of the SPX, but that's not
so. Also there is adjustment down to the second tier stocks,
it's not enough to say it's weak, but if these top 15 slip very
much then the rest will start a slide. You have to smooth them
out a few days or over a week to see a trend.
Jim
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