December 22, 2004 -- Yesterday was a most unusual day in the history of the stock market. Why unusual? Well, we don't often see all three D-J Averages making new highs for the move simultaneously. But yesterday was also unusual in that we now have a primary non-confirmation in the D-J Averages.
Why, what happened? Yesterday the D-J Transportation Average closed at a new record high. The D-J Industrials Average, which is up only 2.9% this year, did rise above its February 11 peak of 10737,70, which is an achievement in itself. However, the Dow did not confirm the new record high in the Transports, and as such we saw what I call a primary non-confirmation.