During any season there tends to be one key stock that represents the period. In the 1920s there was RCA. Then there was US Steel. Then there was GM, and more recently there was Microsoft. I believe the key stock today is mighty Wal-Mart.
Wal-Mart is the biggest retailer in the nation. WMT employs more people than any other corporation. WMT is where the middle class goes to buy its merchandise. By the way, consumer buying makes up 70% of this nation's GDP.
Below we see WMT with descending tops. WMT is barely hanging on above its 200-day MA. Recently we heard that same store sales are down.
Next, we turn to our KEY barometer -- the Dow. It looks fine. The Dow rallied above its 50-day moving average and appears to be trying for a new high. The long rising trendline connecting three rising bottoms remains in place. Conclusion, the Dow looks fine.
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