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To: Annette who wrote (8228)	2/18/1999 2:54:00 PM
From: JW Steve	Read Replies (1) \| Respond to of 27722

OT: A question for the masses There exists some number which represents the break even point for the NASDAQ. Let's take a simple example, I buy $1000 worth of an IPO. Supposed there is an index which represents just that stock. If index is at 1000, I have broken even. Now, let's say I sell the stock to someone else for $2000 and I am out of the market. The new person who bought the stock at $2000 now needs the index to be at 2000 to break even. In other words, as money is taken out of the market permanently, the "breakeven point" rises. Now I once heard talk of this number for the NYSE and there must be one for the NASDAQ. The definition of the number would basically be the following; "The NASDAQ composite value at which the net sum of capital gains and losses by all investors would be zero." Or something like that. This number would be a good representation of how much new money vs. long term holdings were in the market. Has anyone heard of anything like this? I would like to see if anyone has ever tried to estimate this number and how they went about doing it. jw steve