I’ve argued for years that the Dow Jones Industrial Average is the world’s most important stock market index.
It’s a list of the most important stocks in the most important country on the planet.
Find me a better index.
You can’t. I’ve looked.
And when you look underneath the surface at the components of the Dow, you’ll notice that its Advance-Decline line is pressing up against all-time highs.
They tell me that the market is only being held up by a few names.
They tell me that we’re seeing breadth deterioration.
But basic arithmetic will show you that it’s actually the exact opposite.
We have a lot to talk about on tonight’s LIVE Conference Call.
Premium Members make sure to register here if you haven’t already.
In the meantime, I would encourage you to check out each of the 30 components and see for yourself what’s going on.
Look at McDonald’s going out at new All-time Highs last week:
New all-time highs are not a characteristic of downtrends.
These are things we see in uptrends and bull markets, which we’re clearly in.
And other countries are participating as well, even leading.
It’s not just a U.S. thing.
Look at Europe going out at new 52-week highs last week as well:
Higher highs and higher lows.
These are uptrends.
In bull markets you’ll often find many of these.
And we are.
So it is.
See you tonight!