At 9.35% year to date , the US represented by the DOW, is beaten only by Venezuela, no doubt thanks to this country’s president Chavez’s excellent stewardship.
GLD, update
GLD is now within a point or two of a perfect a-b-c, time to get reverse? See HGD.
Dow Jones, again.
On closer inspection, I got the number wrong. It should be 12876 (2 May, 2011) and the high today is 12869.95 so there are still 6 ticks to spare. Should the scenario be negated, then it is worth keeping in mind that this is occurring on the Dow only (at least among major indexes) so the scenario would still be intact. Also the Dow might be the most watched but it is also the most easily manipulated (see previous blog on CAT), simple because just 3 or 4 stocks have a disproportionate effect on the Dow.
Dow Jones Industrials
At this morning’s high the Dow was within 16 ticks of the 2011 spring high. If that happens it would negate the most plausible count that underlies the immediate bearish scenario. What will take its place remains to be seen. We will cross that bridge when it happens. The number is 12841 intraday, see previous blogs.
Nice to know; the average holding period for a stock in the US?? 22 seconds!