Four charts, and they're worth more than all the talk on Bloomberg and all the newspapers you can find on the Times Square newsstands.
The first two have to do with the Dow Theory. Gad, we've seen weeks go by and the Industrials and the Transports have not been able to close above their May peaks. It isn't logical -- if the two D-J Averages hit definite levels at their May peaks, and if business and the economy and QE1 and QE2 have been baked in -- then why in the devil shouldn't the two Averages be higher now than they were three months ago in May? Answer -- It's obvious that conditions are no better now (no, they are worse) than they were in May.
Dow below -- is still situated under its May peak--
Trannies still far below their May peak--
Wait -- Maybe there's something wrong with the D-J Averages. ... Log in or subscribe to continue reading.
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