Maybe I've spent too much time on the willingness or reluctance of the two Dow-Jones Averages, Industrials and Transports, to rally and close above their May peaks of 13,279.32 and 5285.97 respectively. Maybe in this modern age the movement of the D-J Averages has lost its magic. Stubborn old reprobate that I am, I still believe it's meaningful when the two Averages play annoying games with their hoped-for levels -- even when countless other mechanisms have accomplished the same wished-for results with ease.
Is the construction of the D-J Averages faulty? Has a heavenly change altered Dow Theory? Who cares -- it's just a game that we mortals play to wile away the time.
In the meantime, volume on the various exchanges has dropped off precipitously. The US stock market from 2000 to 2009 has come to be known as the "lost age." Actually, the widely followed S&P returned a skimpy 2.6 % ... Log in or subscribe to continue reading.
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