Trading Edges That Last
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Dow 30 Jan 28 to Feb 01 Outlook
Lawrence’s Comment
Rallied above Y+1 right after the holiday weekend. Gapped to Y+2 and force another pop higher to Y+3 before Dow stalled. That 2nd pop is in the backdrop of Apple sold off more than 10% that morning. The pullback failed to even close the gap it started from and drifted higher since. Closed the week near week high and above Y+3.
Outlook
Exact repeat of what happened last year so far. My speculation last week that should a sell off of any kind that take down Dow by 100 points, we will see all out effort to reverse it. Well, Apple dropping 10% definitely fits the bill of endangering the US stock market stability. I guess it is enough to trigger PPT doing their job.
Next week is end of month for the first month of the year. It is in general more bullish than the other months. The catch is that Dow has already jumped 600 points in 3 short weeks. A mild pullback / consolidation back down to B-1 is normal too.
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