A Dow buy signal.

Posted on Jan 19, 2012 by in Letters

It is impossible to interpret yesterday’s action as anything but a buy signal in the Dow.  Prices went to a new recent high on a power bar — and — the downtrend line from March was broken on the same bar.  We are buying for our personal account.  Taking out the March highs will be very bullish.

For trading purposes we think the euro has bottomed for the moment, but it is still a downtrend trade.

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