Does the level of 17,000 on the Dow Jones Industrial Average really mean anything at all on a technical basis? The real answer is no, but the trading action may seem to signal something different on Tuesday. The new current high, until the next high, is 16,998.70. This means that the DJIA came within a mere 1.30 of hitting DJIA 17,000.
Until tomorrow… or soon.
Here were the best performing DJIA stocks of the first half and of the second quarter. Also, here are the ten stocks that will take the DJIA to 20,000.
If we have the thesis that ten stocks will lead the DJIA to 20,000 then we think the 17,000 marker is just an invisible line rather than a wall. That being said, markets tend to attract serious profit takers after new milestones have been hit. In fact, a correction is long overdue – and it might even be a welcome sign for buyers.
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