Yesterday the Dow finally closed above its May 1st peak. The new high was not confirmed by the Transports. This was the second non-confirmation since May -- I'll be fascinated to see what happens next. In the meantime, gold acts as though QE3 is just around the corner.
The new high in the Dow is most unusual and atypical. In the past, once a bear market signal is given, neither the Dow nor the Transports close at new highs. Thus, the new high in the Dow had me thinking. Could we still be in a bull market? Before I believe that, I would want to see the Transports confirm the Industrials by rising at a new closing high above 5285.97. I don't think that's going to happen, but this is a very unusual market -- and I know that the market can do anything.
The employment numbers were released, and they were ... Log in or subscribe to continue reading.
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