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Uncharted Waters | Trading Where The Market Has Never Been
Tuesday the Dow broke through to new all time highs. Until Tuesday, no one has ever been able to buy or sell the Dow Emini Futures (YM) @ 14270. No doubt corks were popping somewhere, but I believe most of the world realizes this is by no means a measure of how great things are. We've climbed a wall of worry to get here, using bad news as our stepping stones all the way to the top... now what?
My guess is we still need to see the S&P 500 put in historic new highs as well. The fact that the Dow arrived on the scene so much sooner than the S&P is a bit surprising. Once the S&P clears the top, then we can move on to the "What now?" scenario. Most of us remember the last time we put in new highs, it got pretty ugly, pretty quick. Back away from the chart just a bit and take a look at the Triple Top on a weekly or monthly chart. In fact, have a look at this one -
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