The upward trend in the Dow remains unbroken as it continues to crawl up the ascending daily RTC channel established at the end of August, despite putting in another doji candle that looks just like the one from two days ago.
It sort of feels to me like its been going for a long time and we should be due for a pullback, but consider that the rally back in March of this year lasted over 2 1/2 months. This one is now just 1 1/2 months old. It seems like they just keep knockin' 'em higher in the final hour of trading lately (just like they kept knockin' 'em lower in August). In any case, as long as we do not fall out of the RTC channel, I'm just going to stay long. There is still no sign this rally is over.
Well, I did sell my Alcoa (AA) today. I was ready to throw in the towel at 13.37 so I put in a limit sell on the ask. I came back 10 minutes later to find that it hadn't executed and the price was now 13.23. So wanting to save myself a buck, it ended up costing me 14. Lesson learned (maybe). I still had a 1 1/4 point profit on the trade so I can't complain. And it closed at 13.13 so I still feel vindicated. After yesterday's gap up and today's dark cloud cover that took it right to the bottom of its RTC, it just looked like it was time to bail out.
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