We can expect to see repeated attempts and eventual success at breaking the 11,000 level on the Dow Jones Industrial Average. This market continues to reflect underlying strength in our economy. This "Silent Bull" continues to rage since early last year. The Bank Stock Index has broken above technical resistance.. a bullish sign but UNDER-REPORTED by the media.
Meanwhile, the "experts" still expect the bottom-to-fall-out. They continue to watch in disbelief. I spoke with a self-proclaimed business owner from New Jersey who was visiting Florida a few months ago. He assured me this economy would "tank.. and the market with it." Here we are almost 1,000 points higher on the Dow and the economy is still picking up steam. Don't confuse inherent market risks with what is actually happening out there. Unemployment is still a LAGGING INDICATOR. Sure, we could see some unforseen event cause shock waves through the market. And some of the Fed Board members are warning us that the Fed may need to raise rates "in the future." But don't let this sidetrack your thinking that this market CAN AND WILL MOVE HIGHER! The 11,000 level is an important psychological and technical level of support/resistance. Remember, this bull market is still a baby compared to other historic moves.
Note: The above is for information purposes only. Any decision to buy, hold, or sell a security for a specific portfolio should be reviewed with your own personal investment advisor.
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