World's Most Important Stock Index Makes All-time Highs
You'll notice that these new highs in the Dow Industrials officially confirms the new All-time highs we had already been seeing in the Dow Jones Transportation Average.
You Dow Theory aficionados will certainly appreciate this. And if you're interested in Dow Theory, I have to be honest and admit that these "confirmations" aren't even in my top 5 most important Dow Theory Tenets. You can check out my thoughts on that here. Let me know if you agree or not.
In the meantime, here's an updated chart on the Dow Jones Transportation Average:
This trend of making new All-time highs is being seen around the world too. Here's the Kingdom of the Netherlands also breaking out.
Notice how all of these new All-time highs are coming out of multi-year bases. Many of these markets have done nothing for 3 years and most of them are actually down since early 2018. This is the opposite of a bubble.
Fight these trends if you'd like.
We won't.
It's not surprising one bit, and in fact, just confirms that we should be spending more time looking for stocks to buy, rather than spending our time looking for stocks to sell.
What am I missing?
JC