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Trade idea: Buy the Dow as sentiment soars
Steve Lucas from 3c Analysis is looking to buy the DOW Jones Index. He says Dow transports - a measure of economic activity - posted a record high last week, as did the Russell 2000, a gauge of smaller cap stocks.
On the technical side, Steve says that since the record high in September at 15709.5, a pullback has attracted buyers "exactly at the 100-day average rate".
He says we have seen three up-weeks in a row, which has taked prices above their 200-day average.
As a result, Steve is looking to buy on the open and at 15475.0, with a stop loss at 15363.6, last
week’s low.
His targets are 15709.5, September’s record high, and 15900.0.
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01:11 minutes
Tags: 3c analysis, airline, buyers, cap stocks, dow, dow jones, dow jones index, dow jones industrial average, dow transports, economic activity, economic data, investing, investment, investment opportunity, macro, profit, russell 2000, saxo bank, saxo tv, small business, steve lucas, stop loss, target, the united states, trade idea, trader, trading, trading target, tradingfloor.com, trains, transport, transport companies, us, us economy, us transport sector, video