Don’t Be Fooled By An Intraday High
Dragonfly Capital | Apr 24, 2014 08:11AM ET
When will the Dow Jones industrial Average (DJIA, DIA) finally confirm the transports with a new all-time high? This will no doubt be a big topic of conversation Thursday. It closed within 75 points Wednesday, less than 50 basis points away. With Apple (NASDAQ:AAPL) beating and jumping higher, the morning is set up to make a new intraday high. But if it does will it hold up for the close? The level is 16,576.66. Don’t be fooled by a new intraday high. We saw one on April 4th (my sister’s birthday) at 16631.63 but then it reversed. There was another one the day before at 16604.15 as well, but that also could not hold up at the close. Will the third time this month be the charm? Wait watch and see and do not do anything stupid.
Nate Silver to determine if that is even statistically significant. Honor your stops from your plan and let them take you out. Check your emotions and don’t be stupid.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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