DJIA Daily Friday 03-Dec-2004

Well, I was surprised, though mildly so, that the market closed up today. The more important point was a large outside day, the high and low were both higher and lower than yesterday's price bar. It's a signal of indecision in the market--will it go higher or lower now? It will spring from this point in a significant move even if only for a large up or down day. I'm still leaning to a big down day, still possibly Monday, maybe by Wednesday of next week.

The price bars are still green and the moving averages are both pointing up. Contrarily, the Stochastic and CCI indicators below the price bars are still very overbought. We'll see how this resolves early next week.