Impressive Upmove in Dow (DJIA, DIA)
We have to be impressed with the relative
strength of the DJIA, don't we? With oil
prices above $70/bbl., growing perceptions
of rising inflation, higher short and long
term interest rates, and escalating tensions
with Iran-- and yet the stock market- as
measured by the DJIA remains EXTREMELY
resilient! In fact, yest.'s decline actually
pierced the Oct.-Apr. support line at 11,080,
but follow-through selling pressure FAILED
to emerge. Today's upmove is very impressive,
and argues that yest.'s low at 11,039 likely
ended the correction off of the 3/21 high at
11,335, which IF ACCURATE, means that the
DJIA has started a climb to retest 11,335--
and possibly is in a new, powerful upleg that
is destined for new all-time highs!
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