The Dow Jones Industrial Average just went out at new All-time weekly closing highs. The way I learned it was that, “We Don’t Want To Fight Papa Dow”.
One thing we know for sure about new All-time highs is that they are NOT a characteristic of a downtrend. When you go back and find all the best downtrends ever, you’re not going to find many new all-time highs in those trends. In fact, you won’t find any.
And as a public service announcement, if you’re one of those people who approaches life with the mentally that all downtrends start with new all-time highs, please unsubscribe. You’re clearly not listening to anything I’m saying and it’s probably just better that you go away.
For the rest of you who finished 3rd grade math class successfully, here’s the chart of the Dow Jones Industrial Average making new all-time highs: [Read more…]