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

To: Terry Whitman who wrote (23964)	8/11/1998 4:36:00 PM
From: P.T.Burnem	Respond to of 94695

Last time I checked, SP500 and DJ30 accounted for ~70% and ~30% of the total market cap respectively. For practical purposes, SP500 is the US stock market. PTB

To: Terry Whitman who wrote (23964)	8/11/1998 11:51:00 PM
From: Oeconomicus	Respond to of 94695

TW, the S&P also made lower intraday and closing lows, and, while it didn't violate its 200 day, it also didn't bounce off of it very convincingly, IMO. tscn.com I'd have expected a little more enthusiasm out of the dipsters with the S&P down almost exactly ten percent on a closing basis and touching the 200 day in the process. In fact, last week's lows were pretty darn close to both measures which have been the limit of the worst corrections for some time, yet the attempt at a rally couldn't get back above the June lows even on the heaviest volume we've seen in months and here we are, looking up at last week's lows. BTW, wouldn't most technicians describe last weeks chart patterns as distribution (I mean the rally Wed-Fri, not the first part of the week)? People might start getting into the habit of selling rallies instead of buying dips. Still, no fear, especially in the most speculative sector, the internuts. It ain't over. BWDIK? Bob PS: The Trannies are now well below their 200 day and about to drag the 50 day below with them, not to mention being back at the lows of last October's "market event".