The Dow Jones Transportation Average (DJT) is once again bumping up against its last secondary high. It has failed to surpass it on the last two occasions. If it can clear the 8110 level on a daily closing basis it will signal that we’re in a long term bull market. If that occurs, I’ll consider the bear market call from Dow Theory last February a bad signal that resulted in a whip saw. Although the last signal might be a bad one, Dow Theory has a long track record keeping us on the right side of the market for long term trends.
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