Dow 20000. Gold at ??

Posted on Jan 09, 2017 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p70142979615&a=266398464

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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