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The <extended> <overvalued> <hyped> <mania> (take your pick) technology
stocks became a huge portion of the capitalization weighted NASDAQ and ND100
while the smaller stocks in many cases suffered neglect. The decline in the
NASDAQ is reflecting the air coming out of those big caps while the small
caps have been getting money flow. This has been obvious for some time now
when comparing strong weekly NASDAQ breadth oscillators to the NASDAQ
index - clockwise from upper right: Hi/Lo, A/D Volume, A/D Issues.
CAUTION - the NASDAQ trend remains down and my daily models remain on a sell
so I would not use the bullish weekly models to justify investment.
Earl
----- Original Message -----
From: "Carl Vanhaesendonck" <carl.vanhaesendonck@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, March 05, 2001 3:22 AM
Subject: [RT] Long Term Nasdaq versus LT Small Caps Idx
> I agree; there is not only the VL index behaving this way: look at the
CBOE Small Caps 600 index: just near all time highs. I discovered it last
week. How can such things happen: Naz is down a full 61 % from its all time
high, while at the same time another small caps index is just 5% of its all
time high ???
>
> Carl
>
>
>
>
> --- In realtraders@xxxx, DH <catapult@xxxx> wrote:
> > Earl wrote:
> > > I too have pondered that question .. I think you'll find a fair part
> > > of the answer in the small and mid cap indexes.
> >
> > I hadn't looked at the Value Line Arithmetic average for a while. It's a
> > pretty good gauge of what's going on under the radar of the big names
> > because it is an average of a huge number of stocks and, unlike most of
> > the other averages, it isn't weighted by market cap. Most people would
> > be surprised to see that it's been in a raging bull market for the last
> > year while the big-name averages have been in raging bears. Somebody is
> > quietly accumulating a lot of second-tier stock while the media focus on
> > the Naz, the S&P, and the Dow. Are they right? Who the heck knows?
> >
> > --
> > Dennis
>
>
>
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>
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>
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