Option Investor
Market Wrap

I am sorry, I think, maybe, about some things, maybe not all.

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        12-11-98         High     Low     Volume   Advances Decline
DOW     8821.76 - 19.82 8844.93  8730.10  685,903k  1,227   1,805
Nasdaq  2029.31 + 13.35 2035.03  2004.99  785,188k  1,750   2,286
S&P-100  574.68 +  0.52  576.08   567.92   Totals   2,977   4,091
S&P-500 1166.46 +  1.44 1167.89  1153.19            42.1%   57.9%
$RUT     395.37 -  1.13  396.50   393.45
$TRAN   2929.51 - 83.04 3012.81  2910.43 
VIX       28.46 +  0.70   30.65    28.37 
Put/Call Ratio      .66

I am sorry, I think, maybe, about some things, maybe not all.

Apologies on the installment plan. Whatever the reason and better late than never but maybe too little too late? Clinton staffers floated a trial apology Thursday night then retracted it after it hit the airwaves. Then at the last minute Friday the president announced that an apology would be made after the market closed.

This was good news for the battered market, at least for the short term. The market struggled back from almost a -120 point deficit to close at barely under -20. Hope was strong for a real apology. Another dodge of the proverbial bullet.

What we got was yet another cleverly worded, non-admission of guilt. The words everyone wanted to hear, "I lied", did not appear. I am sorry for my conduct and the pain I inflicted on my family. What congressmen wanted to hear was a clear admission of guilt. The let down after the speech was almost audible across America.

The markets were up on the hope this problem might be swept under the rug and end with a simple censure but the house has voted on the first two articles of impeachment as I am writing this. They both passed on party lines.

This is going to be a rocky weekend as politicians politic and news anchors report endless views of the same event. Without a miracle we could see the relief rally evaporate in an instant on Monday morning. Only time and millions of dollars of lobbying over the weekend will tell.

I am still confident that the market will struggle through. We could still have one more choppy week before Christmas but I think the continuing trend is up.

Coca Cola (KO) finally did the warning blues today blaming a drop in worldwide volume on Brazil and Asia. Pepsi was not mentioned even though their new PepsiOne product has gained a 4% market share in just a few months.

IBM held up the Dow with a strong +$3.00 comeback from profit taking on Thursday. Microsoft and SunMicro held up the Nasdaq with MSFT tacking on +2.44. Amazing AMZN also continued to soar with +9.88.

Those of you planning on doing research over the weekend should try out our new research page. Just click "research" on the left navigation bar.

Have a great weekend!

Jim

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