I looked at the trannie chart and it too has some interesting things to say. Personally, I think the DOW theory is "old hat" and I don't follow it closely. It is a theory developed a long time ago when transportation stocks like railroads were the big ticket items in the economy. I think one has to keep in mind that theories like that may not work the same way anymore....we are no longer a manufacturing economy and owning a railroad stock is not like holding a large cap. Today's economy revolves more around banking and technology stocks and I would bet that makes a difference in how to read the DOW theory. Just my opinion.
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