I don't know whether anybody else in the world noticed this but I feel as though the market is talking to me in its own language. A week ago the Transports rose to an intraday high above 8468, which was the the record high. But by the close, the Transports rejected the new high and closed under the record high.
Today the Industrials, intraday, rose to a new record high above 17138, but following the Transports' example, the Industrials sold off, and by the close they were below their record high.
What am I to make of the two averages rejecting new record highs? I have to call this weakness -- a very subtle indication of weakness on the part of both averages. The market must be sensing something very negative in the period ahead.
Late Notes -- Interestingly, in the face of this weakness gold closed higher, up 4.2 to close at 1283. ... Log in or subscribe to continue reading.
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