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Strategies & Market Trends : what happens at Dow 10000? -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (13)	3/16/1999 1:15:00 PM
From: AugustWest	Read Replies (1) \| Respond to of 15

Dow breaks 10,000-point milestone, then retreats By Daniel Bases NEW YORK, March 16 (Reuters) - The Dow Jones industrial average made history on Tuesday morning by crossing the 10,000-point threshold, but the move was anticlimactic as the blue-chip index quickly retreated in moderate trading volume. At 1201 EST/1701 GMT, the Dow was up 6 points at 9964, with 333 million shares traded on the New York Stock Exchange. ''Dow 10,000 may bring tears of joy to the market, but it will be followed by tears of sadness because this market is so narrow,'' said Roy Blumberg, chief investment strategist at Chestnut Investment Group/Allied Securities. Market breadth, comparing the number of stocks that rose with those that fell, was negative, with decliners outpacing advancers 1,567 to 1,189. That indicates that any market advance was based on the strength of a small number of stocks. Indeed, the Standard & Poor's 500 stock index, a broader measure of market activity than the Dow, was off 2 at 1305, though the Nasdaq, where many of the major technology stocks are traded, was 6 points higher at 2437. Earlier, the Dow touched a record intraday trading high of 10,001.78, representing a 43.01-point gain, setting off a brief celebration on the NYSE. ''It is good to get all this excitement out of the way early and get back to business,'' said one senior equities trader who requested anonymity. Still, at least one influential market watcher believes the market, over the long term, has plenty of ground to cover before peaking. ''We're in a new bull market. This could be the start of a 'mega-market' last 12-15 years, similar to the boom markets that followed the First and Second World Wars,'' said Ralph Acampora, Prudential Securities' chief technical analyst. (Note: this article is ''in progress''; there will likely be an update soon.)