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To: Michael Quarne who wrote (2665)	1/20/1999 9:50:00 PM
From: NickSE	Respond to of 4056

Mike, They don't hit they're highs at the same time. What the theoretical high is it assumes the 30 stocks hit their highs simultaneously. Same goes for the lows. In actuality, this never happens. For instance, QP2's theoretical DJIA high and low for today are 9555.01 and 9230.35, respectively while the actual was 9480.09 and 9300.90 (http://www.cnnfn.com/markets/dow.html) so you see the theoretical high/lows span a larger range than the actuals which should be the case. 1. I don't see how this could be the case, even in concept, as there is no possible way that all would hit H/L at the same time except at the end of time period used. 2. Saying that the whole concept of this 'theoretical' number is invalid? In fact it would seem that the EOD number would have to be the more correct since it is the real H/L, taken at the end of day, for each company. I'm still not clear on the issue. Do you have a source of "real" data so I can make the comparisons? Hope this helps, Nick

To: Michael Quarne who wrote (2665)	1/21/1999 1:07:00 AM
From: Bob Jagow	Respond to of 4056

Mike, Check the WSJ or Barron's to compare the two numbers. Both tabulate 30-minute print values of the 4 DJs along with theoretical O/H/L. As an aside, the print values for O [for all indices] are further confounded by the fact that not all of the components open at the bell. Bob