The Dow Jones Industrial Average has now hit a new high, and it did it on a day where there is actually very little news acting as the driving force. The prior closing high was 14,164.53 from October 2007. The intraday highest price was 14,198.10 at the time. Now on Tuesday you know what the deadlines will say in every print edition on Wednesday.
DJIA HITS NEW ALL-TIME HIGH!
The DJIA is up more than 75 points after the market open and is at 14,219 this morning. Our readers should not be surprised at all by the new high. We have been calling for unofficial upside to our 14,590 target we set as the peak DJIA price for 2013.
We have not yet issued a DJIA 15,000 alert nor have we formally lifted our price target to that level. The key word is “yet,” but we are in no real hurry right now. The DJIA saw record inflows in January and February, and the DJIA is up 8.5% in just over the first two months of 2013.
Today’s gains are being tied to better news out of China, but we would remain somewhat subdued in getting too excited there until the promises actually happen.
The last thing we would advise readers to consider here is that the entire gain in 2013 has hardly seen any real pullback that shook out the bulls. That being said, do not be too shocked if a market sell-off comes up sometime soon. The reason may be nothing more than profit taking.