The major averages rose yesterday on volume that was roughly equal to the prior day's trade. A number of pocket pivots came through our screens, a sign the market wants to run higher after its 3+ week consolidation. These included steels, AKS, X and STLD, copper FCX, bio-tech MYOV, telecom QTNA, cloud commerce name SQ, and Chinese retailer JD.
Perhaps the Dow Jones Industrials will finally achieve the long awaited 20,000. It will be interesting to see how it trades in the aftermath. March 1999 marked the month it hit 10,000 then promptly reversed by 4.6% in the ensuing four trading days, then over the following two weeks, reversed back up through the 10,000 level with success.
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