Well, they tried to knock 'em down shortly after noon today but the Dow got right back up and finished with a 20 point gain to close at 11691. And despite the S&P's slight 1.69 point loss today, we're still on track for the "first five days" of January indicator. The Dow remains at the upper end of its rising RTC channel. At this rate, it would take either five straight days of sideways action, or a one day drop to 11,558 to cause a bearish setup. I've been hearing a lot of talk about excessive optimism in the market lately and people calling for a pullback. I don't doubt it will happen at some point, but I don't think that point is the next few days. So the green swing trend arrow remains in place.
I see no real Dow resistance until 11,867, representing the top of the 2008 "summer shelf". Also, although we have now reached the upper Bollinger band in the daily chart, we are only 38 points above the daily pivot at 11,653. Staying above this number is bullish.
Trades
No trades today. My INTC buy last Friday was up 1.44% today, but I bailed out of HIMX too soon. Despite going exponential, there were apparently still enough people who wanted to get on this bus today to drive it up another 7%. Oh well - I'd rather leave something on the table than lose it when everyone runs for the exits.
I'm also watching gold again. I think there may be an entry point here by the end of this week or early next.
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