Thursday, February 21, 2019

Dow Jones likely to break 26,000. Really? Flip a coin

From Seeking Alpha:

The Dow Jones Industrial Average is likely to break through the 26,000 level today, marking the next comeback for the stock market since the beginning of 2019. The latest boost comes amid the most significant progress yet toward ending the seven-month U.S.-China trade war, with negotiators drawing up six memorandums of understanding on structural issues: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade.

Note: These trade negotiations have already been priced into the market. 

However, in the meantime, the DJIA futures have dropped below 26,000. Read the markets, not the commentary. As of 8:10 AM CST, the blue line is 26,000 on the Dow futures (YM). (The horizontal line is 5 pm CST yesterday). While not conclusive, they do point to a market which will open below 26,000. Caveat Emptor.

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