The bulls are running on Wall Street but the breadth of the market in the move since November 4 has been weak. Friday was a great example. The DJIA was up 142 points with advancing and declining stocks dead even on the day…1496 up, 1529 down.
So this fifth wave up from March 2009 began in February and is now 10 months old. In March 2017 this market will be a Fibonacci 8 years old. We are at the top of this country’s greatest bull market.
This final cycle wave V started in 1982 with a huge upside explosion. As of Friday’s close the DJIA is up 18,979.93 points or 2,543% from the August 12, 1982 close of 776.92.
Weekly Chart
So on Friday, January 20, 2017 Donald Trump will become President of the United States. Is he the Herbert Hoover of the 21st century? I’ll talk more about that in another post.
In today’s brief video I look at the DJIA, three key ETFs and check in on Facebook(FB), Las Vegas Sands (LVS) and Walt Disney (DIS).