Dow 16000. SPX a hair off 1700…

Posted on Nov 22, 2013 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=0&mn=6&dy=0&id=p62060422991&a=205639989

An important psychological barrier fell today as the Dow closed above 16000.  Here a close up of the Industrials.   The three humps here represent  a base which should impel the Industrials upwards.   Conventional Point&Figure chart analysis says the immediate target is 16200.  We think it is probably much higher and are working on the analysis.  The three trendlines are fro Nov11, Nov12 and March09.  Why are these severe downwaves always in November?  Just joking.  It's because the market usually gets hammered in October.

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