Yesterday's rally left the Dow only 385 points below its record high. The Dow closed today higher for the tenth time in the last eleven sessions. Frankly, I can't ever remember any item being up or down 10 out of 11 trading sessions. Looking at the chart, it does seem as though the Dow is climbing at a parabolic rate. Can this manner of ascent be sustained? From a bullish standpoint (and I'd like to be bullish), I'd much rather the Dow rose in a more normal way with intermittent corrections. Anyway, it's fascinating to see the Dow rise in this parabolic manner. I don't remember seeing anything quite like this before! And I wonder how the Dow will close? Check the Dow's angle of ascent on the chart below, and note that RSI has crept into the overbought zone.
But wait -- this rally is overdue for at least a 10% ... Log in or subscribe to continue reading.
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