Dow 20000. Gold at ??

Posted on Jan 09, 2017 by in Letters

The most natural thing in the world is for the market to balk at important symbolic numbers.  Thus the major indices are balking at the  present major step--Dow 20000, and a commensurate number in the S&P (more or less 2300 + or -).  The S&P has been even more balky because of its inclusion of several sectors the Dow ignores -- health care, etc.    We added on a very small position, while recognizing it as a rank speculation.  More rational investors will not add on or go all in until the upper trendline is violated.

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