Dow 20,000: Real or Memorex?

We will soon find out whether the Dow 20,000 headline was a sell signal or simply a stop along the way to the measured target of 21,000 (by weekly chart).  The post-inaugural hype gap is filled and this pig is near the daily EMA 20.

With the Trump action over the weekend I don’t know how the world does not just puke US shares, but you know the drill with market selloffs that are triggered by inflammatory events; they usually only serve to eliminate the momos before getting back on trend (in this case, bullish).

A caveat to that kind of bull thinking is that the entire post-election move has had a big component of hype to it.  And that needs to be unwound, either sooner or later.  This market is going to make minced meat out of people with linear assumptions and viewpoints in 2017.


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