Dow Breaks Out!

The Dow reverses course last Friday in a stunning breakout, totally negating the second evening star signal. The only thing lacking is volume but such volume is signature of every Friday market. Which agian means that we need a follow up this week to confirm the breakout. In my experience so far, when 2 consecutive evening star signals are negated, a bull rally usually follows... let's wait and see if it is true again this time. This week's heavy weight release is the CPI numbers on Thursday (see economic calendar) and the Empire State Index on Friday. These numbers should decide whether the optimism continues.

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