Dow Starts Retreat
As expected, the Dow started its retreat, closing down 93 points at 10332 points despite optimistic forward looking data.
Both leading indicators and Philley Fed data continue to support a recovering market going forward (see Stock Market Calendar). In fact, Philley Fed outlook has not been higher even during the pre-crisis years! However, as a technically driven toppy market, traders sold off into the news, setting the Dow up for a revisit to the 10,000 points region like I have been talking about for the past few days. Yes, this is a healthy and necessary retreat in order to set the market up for higher highs.
For now, the Dow remains in a all out bull trend.
Both leading indicators and Philley Fed data continue to support a recovering market going forward (see Stock Market Calendar). In fact, Philley Fed outlook has not been higher even during the pre-crisis years! However, as a technically driven toppy market, traders sold off into the news, setting the Dow up for a revisit to the 10,000 points region like I have been talking about for the past few days. Yes, this is a healthy and necessary retreat in order to set the market up for higher highs.
For now, the Dow remains in a all out bull trend.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 8:25 PM
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