Dow Retraces 1/2 of its 3-month 1,321 point rally.
We posted a 5-month low on March 16th at 11,556. We rallied to a 3 year high on May 2nd at 12,876. Hence, the 1,321 point rally. That doesn’t get any attention in the media.
However, Break 660 points in 3 weeks, well THAT’S exciting.. 12,217 was a 50% retracemcent. For today, so far, that was a great buy level.
Could we roll over and head down to 12,061 which would be a 62% retracement of the same up move? I am not sure. But I do know I want to be a buyer at that level.
That is All.
CER