“'US stocks could head higher in coming months,' say Wall Street’s top strategists" in this week's Barron’s.
“Not so fast,” warns the stock market in its incredible wisdom. Remember, the Transportation Average rose to an unconfirmed record high last week. Occasionally what the market fails to do can be as important as what the market succeeds in doing.
Last week despite a new record high in the S&P Composite, the D-J Industrial Average refused to rally to a new record high. All that was needed was a close above 17,138.20 to confirm the Transports high. So what’s holding the Industrials back? What does the stock market know that Barron’s ten experts may not know? Ah, the fascination of the markets, the uncanny wisdom of the markets!
Last Friday the Dow closed at 17,137, only a point below its record high of 17,138.20. Just a few points higher on the close today, and the Industrials will confirm the Transports. ... Log in or subscribe to continue reading.