by Jon S. Strebler
IF INVESTING WERE EASY, THEN WE’D ALL BE MILLIONAIRES. Or at least, that was the saying years ago. But heck, times have changed and today even I’m a millionaire – which just doesn’t mean much anymore. So let’s change the old saying to “…we’d all be billionaires.” In any case, the point remains that investing is a tough business. Stock markets have seemed primed to bust out on the upside recently, and have actually done so. Sort of. But not really. Nothing highlights this better than the Dow Jones Averages.
First, the good news, shown via a P&F chart of the DJ Industrial Average. After first rising to 18,200 and completing a quad-top breakout (the maroon line), the Industrials then bettered their all-time high (shown by the maroon arrow). As a result, this chart can only be interpreted as being quite bullish, with further upward movement being the only final piece of bullish proof we need to see.