DOW chart looking sick but it was going to test August low before any rally. 'Pretty picture' chartists can see only down in this chart. Short term direction will be determined by news imo. Now the DOW financials are sold down so much that the likes of CITI bank is trading below 8 PE. FED is poised to act on interest rates, growth to be ~2% and DOW is trading not far from year 2000 highs even with massive drop in the dollar
therefore the DOW may not trade a lot lower.
Just heard on radio that Rio Tinto boss saying that Rio is to tripple Ironore output within next 3 years and Kev Rudd and labour will be positive for growth. Cannot see the yanks riding bluesky but OZ and many others may deviate from yanks and defy the trend.
stocks set to extend rally, page-21
Add DJIA (INDEXDJX) to my watchlist
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Last
26,683 |
Change
82.730(0.31%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 26,683 | 0.00 | 0.00 |