Dow Channel
Excellent graph from Chart of the Day. Note the Dow is now just above its 2000 highs, but at the top of its long term trend channel:
This suggests that even a pullback towards 11,000 (or even ~10,750) will not be a break of the 3 year move.
At the same time, we see Sentiment is fairly high:
September 29 AAII Survey
This is rarely a winning combination . . .
Friday, October 06, 2006 | 11:15 AM | Permalink
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More of the Alfred E. Neuman Market.
Posted by: Mike M | Oct 6, 2006 11:13:36 AM
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