Since hitting its low in March, the Dow Jones Industrial Average has continued to show quite a bit of staying power. We have seen the Dow gain over 35% in three months!! We are on track towards a 40% retracement which would place the Dow somewhere around 9000. The incredible fact remains that there are alot of money managers who still have not entered this market. They are beginning to panic as they sense having missed this record-breaking move upwards. These managers have been looking to get into the market on any sustained pullback but they have been unable. Now things are getting a bit uncomfortable for them!
The weekly Dow continues to climb toward its 50 day moving average at 9129. We hit an intra-day high at 8855 on Friday, June 5th. From here, 9000 seems within close reach. We might even see an advance ABOVE 9000 as these money managers enter the market. THEY WILL HAVE NO CHOICE BUT TO BUY!!! This type of activity could take us well into summer.
Pay no attention to the main stream financial media who are "waiting for the bottom." There are many crosscurrents of information floating around this market. Stay tuned to the Marketdoc Report and you too can learn to recognize these important market patterns.
Please take a moment to reflect on the lives our brave soldiers who fought and died on the Normandy beaches 65 years ago today, June 6, 1944. Remember D-Day. We owe them our freedom!
Note: The above is for informational purposes only. Any decision to buy, sell, or hold a specific investment for a specific portfilio should be reviewed by your financial advisor.
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