Major averages rose yesterday on higher volume with the Dow Industrials looking to break out of its sideways consolidation that began mid-December, and therefore break through its 20,000 level... at long last. Futures currently indicate an open above 20,000, as well as new highs in the NASDAQ Composite and S&P 500 Indexes.
But it will be interesting to see if we replay March 2009 when the Dow Industrials broke through 10,000 for a day by more than a small fractional amount then immediately corrected -4.6% before moving definitely above 10,000. Here's our earlier piece on the Dow hitting various milestones with an addendum of how the Dow Industrials traded when it crossed 100 over a century ago: https://www.virtueofselfishinvesting.com/reports/view/history-of-how-the-dow-traded-when-it-crossed-1-000-then-10-000-20-000-next
Regional indices have shrugged off comments from European Central Bank member Sabine Lautenschlaeger, who said the central bank may soon start discussing a reduction in stimulus. In a sense, this is good news as it implies an improving economy within Europe.
Germany's Economic Ministry updated its GDP forecast, but the overall outlook was little changed, calling for 1.4% growth in 2017.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.