Dow Gains on Mixed Retail Numbers

The Dow closed higher by another 75 points amidst mixed retail numbers.

Fundamentals
Even though retail numbers today are largely mixed, the market still maintained a strong sense of optimism as some institutional investors begun to return to the equities market due to the low bond yield. This led to bond yields rising across the board significantly. The market is currently very much technical driven so lets take a look at the technicals.

Technicals
The Dow did the critical breakout I mentioned to paid subscribers yesterday, breaking out of the trading range of last Thursday's drop and establishing a headstart for a new highs. The Dow is also way off short term overbought condition so there are plenty of headroom to move with immediate resistance at about 13,000 establised back in May 2008 when the market failed to breakout.

For now, the Dow turns a short term bull trend, intermediate bull trend and primary bull trend.
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