The Scent of Dow 30,000

The bull market’s blowoff-like trajectory has steepened, if such a thing were imaginable, with Wednesday’s 322-point rally in the Dow. The blue chip average is ostensibly headed to the 27,251 target shown, and although this Hidden Pivot resistance is worth shorting, I wouldn’t recommend standing in the herd’s way if it is exceeded by more than 10-15 points. The broad averages reportedly are about to set a record for consecutive days of upwardliness without correcting 5% or more. Statistics aside, it sure feels like it.  The opportunity for buyers to take a breather may be approaching with the nearness of the target flagged above, but we shouldn’t be shocked if it fails to contain their energy. At that point, Dow 30,000 would become all but a foregone conclusion. However, we should keep in mind that, even as the Indoos appear to steam toward a fated rendezvous with an irresistibly round number, ‘foregone conclusions’ are the stuff of bull traps.

  • none January 18, 2018, 6:17 am

    Bitconnect Closes Virtually Its Entire Operation, BCC Token Drops 87%

    Bitconnect has formally closed its lending platform and cryptocurrency exchange following warnings from Texas and North Carolina regulators. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its December 29 high of $437. At press time, BCC is trading for just $30.

    And it starts.

  • Brad Williams January 17, 2018, 8:16 pm

    Rick, you did it again. Another awesome musical recommendation. This one knocked my socks off. From the angst filled and tormented lead-in to the crazy whirlwind ending. Wow. Goose bumps the whole way through. Passed it along to many family members and friends. Loved it.
    Thanks again,
    Brad

    &&&&&&&

    Hey, Brad, your note made my day! Pleased to hear how much you enjoyed Argentinian tango interpreted by an amazing Russian accordionist. For those of you who missed this, here’s the link again: http://bit.ly/2mIuh85

    RA