The Dow Jones chart is looking bullish to the point that it may push through 11,000 and go for a run (current @ 10,960)!!?? All this at a time when oil is looking the goods (now @ $64.21). Oil up - inflation up - consumer spending down - company profits squeezed!
Next week will be quite important! Over the next few trading days we will get to see if the Dow can push through resisitance on its way towards 12,000? Rising pennant on the Dow dating back 12 months odd will be the catalyst.
Oil needs to push higher than ~$65.00 to remain bullish on this move or consolidation/pullback will result. Looking like it wants to target $70 though. Time will tell.
No definate trade yet, but next week may signal long/short positions! Breakout Dow ~11,000, support Dow ~10,200. The question asked earlier is whether the Dow will run sucking in buyers and then inflation will prematurely halt the ascent - or whether this run is legit and is supported by up and coming fundamentals???? We will get a clue next week!
DOW Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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