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Dow, Big Caps Outperforming


One very interesting aspect of today's action is the outperformance of the BIG CAPS versus the small caps, which has widened my ratio spread long Dow Diamonds (AMEX: DIA)/short iShares Russell 2000 Index (AMEX: IWM) in a lopsided, powerful upday.... a signal perhaps that the leadership in this new upleg is being narrowed to the highly capitalized, substantial companies. It is with that in mind, that we take a look at the DJIA pattern.

The DJIA lifted off right from a convergence of my "sensitive" near-term moving averages (9,20,50), which certainly has the look of a new upleg -- that has propelled the Dow to new all-time highs at 13,769 so far

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