extremes

[Doug Henwood]

Some talking head on CNBC just reported that the Nasdaq composite 
index is 4 standard deviations above its 200-day moving average. Said 
head claimed that no major market average anywhere has ever spiked 
this far above its trend - not the Dow in 1929, not the Nikkei in 
1989. Not, of course, to draw any parallels, Jordan.

Commenting on the chart that went with this, Paine Webber's director 
of NYSE floor operations, Art Cashin, said his colleagues are as 
nervous as a guy who drives a dynamite truck. I'm sure Jordan has 
comforting stats of the risks of driving a dynamite truck.

Doug