MG, Re: Lines
Interesting how we come to the same point from different directions. I compute the really important DJIA line by taking the lows of 4/20, 6/1, 6/11, 6/24, 8/10, and 9/16. It acted as resistance on 10/8, and the attempted break out on 10/11 failed. That is a lot of hits over a six month period. Therefore, I got to believe that this line is extremely important as I'm sure I'm not the only one staring at it. I have the current reading at about 10,675, or 2% above us.
That said, the corresponding OEX line broke to the upside Friday! Probably not surprising considering the number of Drug and Financial components in this Index.
In the financial area, we got C and AXP approaching some significant resistance, while JPM just cleared the resistance at about $124 and has a lot of room to run. Murky blew through $76 (sorry I wasn't watching), and it will be interesting to see how it deals with $80. As I remember, in April and July, the demise of the drugs indicated potential declines to come. The apparent break out Friday of $DRG will be important to watch.
My mom is visiting again, and we went and played bingo last night. Won a decent jack pot, so maybe my fortunes are changing. <g>
May we live in interesting times. Just a View from the Swamp.
TB
Edit: Following the responses to Gersh's post, GZ directed us to a interesting chart:
decisionpoint.com
Guess my point that I'm not the only one looking at it was an understatement, <gg> |
