The Dow Jones Industrial Average continues to make news, as the Index rose .35% yesterday, to close at 14447.29, a 7th day-in-a-row record high. The SPDR Dow Jones Industrial Average ETF (DIA) rose .42%.
The S&P 500 is not far behind, with the Index finishing at 1556.22, just nine points away from its all time high of 1565.15. Naturally, the SPDR S&P 500 ETF (SPY) rose .38%, alongside the NASDAQ ETF (QQQ) rising .29% and the iShares Russell 2000 Index ETF (IWM) losing .03%.
So, the Dow continues to make history and the S&P 500 is not far behind, and just about all of us are wondering when and how this will end, because it certainly cannot keep going up forever. With incredibly low volume in trading and with the Dow reaching the infamous “Triple Top,” I would say that the end is near, and soon. But, I was not expecting seven straight days in a row of Dow glory. Furthermore, my favorite VIX Index (VXX) just had its lowest close in six years at 11.56, so the fear is definitely not here either.
As far as news at home and abroad, yesterday was all and all a pretty quiet day, outside of the fact that Ford (F) saw a 46% boost in sales in China, prompting a bump in Chinese stocks. I think the seventh Dow up day in a row is more built on animal spirits rather than Ford’s impressive gains.
Bottom Line: Something has to change in the next few days. Now whether that change is a bear trap or a new bull market is up for grabs.
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Bear Trap Or New Bull Market?
Published 03/12/2013, 02:37 AM
Updated 05/14/2017, 06:45 AM
Bear Trap Or New Bull Market?
The Dow wins for the seventh ‘Dow’ in a row, with the S&P 500 not far behind
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