DOW found late day bottom at 8552, but last hour buying pushed it to close over 8600. A feat that opens the way for another day+ of upside towards Tuesday's stimulus plan
,then we get critique and reaction.
Unless some innovative, plausible, and rapidly implemented actions are announced, 8730-40 intraday high on Tuesday, followed by downtrend retaking its position. I don't see us breaking 8800 in current environment and on such light volume. Any dramatic overnight news could change the course.
We shouldn't be this high. From 1965 to 1983, we traded relatively flat, maybe a 10% range from 900 to 1000. The analysts whom rely so much on your investment dollar, conveniently fail to mention that when unrelentingly cheerleading that, "long term," it's always a good time to buy.
We've traded in a ~500 pt range since mid-Oct, and the market is due to break one way or the other. I continue to see us bouncing from 8100 very soon... 2-3 weeks?? A small bounce though, with it offering no resistance on second hit, then we drift at 8000-8200 until Iraq or terrorism. |
