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posted on 03 October 2017

Parabolic Rally For Glue Sniffers

Written by , Rick's Picks

Stocks have been in glue-sniffing mode lately, ascending so steeply as to be all but untradable. The Dow’s chart (below) shows why.


Notice how the Indoos opened with a gap higher on each of the last two days. Wednesday’s Whoopee Cushion leap at the opening bell racked up about 90% of the day’s gains, leaving bears to drive the the blue chip average marginally higher with a ratcheting rally that left them bloodied and still on the ropes come Wednesday. They may get some respite at 22,852, a Hidden Pivot you should jot down if you trade the E-Mini Dow, DIA or a related vehicle. If that number should give way easily, however, we’ll probably be looking at 23,226 later this month.

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