Yes we're moving on up. We had a great day Friday with a nice bullish candle and we are on our way to the top of the channel. Of course that's assuming that Europe gets its act together. They are still in a very precarious position, and the politicians are still jostling for power, rather than taking care of the problems. They have learned their lessons well at the U.S. Congressional School of Idiocy. What? Of course they are all graduates of that fine institution!!
But heck, let's focus on the charts. We now have a nice candle after bouncing off the 20 EMA and we're moving again towards the top of the channel. Volume was a bit anemic, but we expected that with the holiday and all. DIA Target 124.50.
The amazing thing is that in spite of the problems overseas, the stock market continues to trudge and make its difficult journey upward as it climbs the wall of worry. It doggedly refuses to be trounced, and despite the news continues to fight it's way upward little by little. If Europe would only get out of the way, the stock market would take off. That much is obvious. Of course Europe's problems are not going to be solved quickly. <Sigh> But the sooner they are solved, or the sooner we get used to hearing about it, the sooner the bulls will come out to play.......in force. Perhaps Santa will give everyone a nice present this year. And we can all get our kids the "G.I. Joe with the Kung Fu Grip." (Eddie Murphy, Trading Places, 1983)
No changes in the trend table. Daily, 3 Day and Weekly Charts of the DIA below.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Up
Medium Term (3 day chart) – Up
Short Term (Daily Chart) – Up
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