Tuesday, September 27, 2016 9:31:29 AM
My response to your "resistance post" was as follows:
"Yesterday we traded above the previous all-time CLOSING high. We have not yet traded above the previous INTRA-DAY high. See my previous post # 411009, posted on Aug 26.
All-time Highs
Best I can determine, the all-time highs are:
Closing: $75.72 on Aug 12, 2011
Intra-day: $82.50 on July 21, 2011
I think it is a good bet that the current rally will set higher highs.
jmo
LA
I also had an earlier post (#411412 posted on Sep 7) about number of closes above $70.
Interesting to compare stock price action with previous rallies
We have now closed over $70 for seven straight days - today looks good for #8 in a row.
In 1999, we closed over $70 ONE DAY.
In 2011, we closed over $70 for 12 days, only four of which were consecutive.
The previous rallies can be described in the words of Charlotte Bronte (I just happen to be reading one of her classics):
"good fruit and blossom on a rootless and sapless tree".
By my count, yesterday was the 14th straight day that we closed above $70.
We are definitely in uncharted territory. I do not think that previous highs will constrain this rally.
jmo
LA"
My point was not to contest the well-established fact that all-time highs are an important part of TA, but to highlight the fact that previous all-time highs were somewhat "peakish", that is to say they were fairly obvious "booms before the bust". Buyers at those levels tend to be "momentum" investors rather than long-term buy-and-hold investors; therefore, few of them are likely to be around today.
However, I forgot the number of investors who regret not selling at those levels is much larger. Actions of these investors are providing, and will likely continue to provide the resistance you predicted.
jmo
LA
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