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Richard's Remarks

 

Yesterday the Dow closed above 14,000 for only the second time this year. If you remember, we're all waiting anxiously for the Dow to close at a new high -- above 14,164.53. If this is a turn in the tide, in other words, a bull market, then a new Dow high should be assured and only be a matter of time. I note that the Fed yesterday bought $3.4 billion worth of bonds in the open market. If the Dow doesn't go to a new high it won't be the Fed's fault. Bernanke has done everything but announce that the Fed is buying the 30 Dow Industrials.

 

Below we see a daily chart of the D-J Industrial Average. The Dow has been in an incredibly tight "line" formation for thirteen days running -- obviously, somewhere ahead the Dow will have to break out of this tight formation -- until then, we wait ... Log in or subscribe to continue reading.


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