If permabears were hoping that the ups and downs since mid-March have been a last-hurrah distribution, they should ponder the Indoo chart I’ve included with this tout. This week’s breakout above all previous recovery highs puts the blue chip average on course for a run-up to at least 13478, a ‘D’ target that lies about 1.4% above current levels. Aggressive shorts — very tightly stopped, as is our practice — will be warranted at those levels, but probably not before. Stay tuned.
