Tuesday, April 6, 2010

Assault on 11K

Well, it looks like the Dow, having closed at 11,973 today is gearing up for its initial assault on the 11,000 mark. The attempt is likely to come sometime this week, maybe tomorrow. And I predict it will fail. Just like it did in in early May 1999:

Note the similarities between then and now. My guess is that the Dow is going to spend some time bumping up against the 11K mark, then pull back to regroup for a second assault later this month that will be successful.

In the meantime I sold my stake in DRYS today at 6.19. I am now 32% in cash (mostly from appreciation) and waiting for some form of pullback to buy more. YTD, I'm up 11.1%
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