We don't know much about China or the fiscal cliff or Bernanke -- but more than that, I'd like to know the stock market's reaction to what's going on.
We know that the Dow is trading above 10,635, which is in the bullish or high half of the Dow, under the 50% Principle. We know that both the Industrials and the Transports are trading above their November lows (which is bullish). We know that rotten news covers the front page of every newspaper, and we know that the stock market has held together in the face of the endless stream of rotten news (which is bullish).
If the stock market won't fall apart in the face of lousy news, then we must consider that the news is discounted or that the stock market in its wisdom knows something that we don't know.
TODAY'S MARKET ACTION:
My PTI was down 4 at 6411. The moving average ... Log in or subscribe to continue reading.
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