Today I think I'll skip the editorial comments........ you know, like mentioned the resignation of Greece's PM, or the issues at hand in Italy, or.....what? Ok, Ok, Ok!
Right to the charts. It was an up day after a lot of chop. That is if you call intra-day swings of over 200 points chop. None the less it was an up day . And the DIA closed slightly higher than last Thursday. We are solidly in the old channel and chopping our way to the upside. Volume was pitiful today and last Friday, but hey.....come on.......it was a Friday and a Monday! So regardless, price keeps ending on the upside even as the Bears keep trying to pull things down.
Fly's in the buttermilk what'll I do?
Market in the chop chop shoo fly shoo,
Rumors 'bout Greece and Italy too,
Chop to the Europe bail out.
Chop Chop Chop to the bail out,
Chop Chop Chop to the bail out,
Chop Chop Chop to the bail out,
Chop to the Europe bail out.
What's all that mean? Simply put it means that even with Santa on his way, Europe trumps everything at the moment. So wile the charts are solidly in the upside channel, and moving on to a Christmas Rally, one whisper from Europe can change everything in a New York second. So stay on your toes boys and gurls. Below are the DAily and the Weekly Charts of the DIA~ No change in the trend table.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Up
Medium Term (3 day chart) – Up
Short Term (Daily Chart) – Up
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