Todays monumental strength was enough to push our momentum from Down to Flat. The daily and weekly trends remain firmly. Our bearish divergence is being spun into oblivion. Late last month we discussed in detail (refer XJO review archives) about the ascent off the 2003 bear market lows and how the market didn’t take a pause for many years. It could be argued that its happening again. Hard to believe after the end of the world last year. We’ve also been watching the Dow Jones Transports vs the Industrials noting that the Industrials were yet to breakout even though the Transports had been surging higher. The Industrials finally complied last night by making new highs. That Transports/Industrials signal has been quite amazing. Our stance for some time has been that we kind fight the trend. No reason to think otherwise now either.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
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