I can't say that I've ever seen anything like what I've been seeing in stock market action. Amid days of declining breadth and declining sectors plus big breaks in assorted stocks, the Dow continues to push higher. To make matters even weirder, the D-J Transportation Average continues to diverge and plunge. Of 89 major world stock indices, 8 closed lower and only the Dow closed higher yesterday. As of yesterday's close, the Transports were over 200 points below their May high point. The Transports seem immune to rallying, even on those days (as of yesterday) when the Dow closes on the upside.
I have to think that this places the stock market in a precarious position. One thought comes to my mind. Could the Fed be manipulating this market, and by that I mean could the Fed be buying Dow Industrials stocks? I say this because ordinarily with the Transports this ... Log in or subscribe to continue reading.
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