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

To: James F. Hopkins who wrote (27405)	9/11/1998 8:58:00 AM
From: Byram	Respond to of 94695

OT Jim, Frances has moved to us.... Not as bad as ya'll got it but we're getting a good downpour. We hope ya'll survive OK.... Good luck Byram

To: James F. Hopkins who wrote (27405)	9/11/1998 9:58:00 AM
From: James F. Hopkins	Read Replies (3) \| Respond to of 94695

TO ALL; FWIW, the NAZ100 has 4 top runners that compose over 50% of that index. MSFT INTC CSCO DELL ---------- June 29th they were 50.67 % of the index August 28th they were 54.18% of the index. the power in the so called blue chips can be explained by the way the index is weighted along with the way arbitrage is carried out on puts & calls. I've not tracked this very long, but you don't have to be very smart to see that when 4 stocks control over half the index, the index can not tell you real market conditions. At some point the liquidity of those 4 stocks is subject to break down, your guess is as good as mine, but I doubt anyone has a handle on it. Jim PS DIGI, was replaced with LVLT in the index at some time between the two dates.