Confirming uptrend

I was not surprised to see the Dow up today, but I was a bit surprised it rose as much as it did, +64 points to close at 11188.72. However, this does confirm what I wrote about yesterday, that last week's short downtrend is over. I have now started a new rising RTC channel and today's close puts the Dow above the top line.

So what to make of this? Today's market results weren't due to the election since there were no political results in by the close. And the futures are essentially flat as of this writing (1 AM Eastern) so no guidance there. Perhaps the election results really were baked in after all and the market just took tomorrow's gains today, or perhaps this was in anticipation of what the Fed is going to do tomorrow. Either way, I will continue to keep my long hat on. I don't really see anything bad coming out of the Fed tomorrow and the election results that put the brakes on Obama's anti-business agenda can only be good for the market. Also, note that November is historically a very strong month for the markets.

Today I managed to buy some more DHY at 2.96, which is where it closed. And my faith in Lowe's was rewarded with an impressive 3.45% gain to close at 21.92. This move took it outside of its descending RTC channel going back to October 21st. Technically, this is only a bullish setup and not a trigger since the candle did not open and close above the RTC line, but the magnitude of the gain is good enough for me. I'm looking for more short-term upside from LOW.