The Dow closed yesterday up 175 points with Transports up 169. On February 25 the Dow broke below its preceding low level and it was here that I watched for any further weakness. But weakness never arrived. Instead, on February 26 the Dow rallied, and on February 27 the Dow surged 175 points -- at the close of the February 27 market, the Dow matched its highest level since November 2007. I'd have to say that this is a market that has had every opportunity of going down, but it's a market that has no intention of heading south.
Meanwhile, even the Transports, which have been the stronger Average, have failed to break down, although they have had every opportunity to do so. It's the oldest story on Wall Street -- when a market refuses to go down, it takes the other direction -- and it goes up.
Meanwhile, the locomotive of this ... Log in or subscribe to continue reading.
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