So some of the off-shoot dow theory is working today. The transports peaked to new all time highs on the daily charts and it wasn't confirmed by the industrials. The next move was a 300+ point drop in the Dow. Honestly, from these lofty levels, this is a drop in the bucket.
However, I'm now more interested, and I am watching for further developments on the weekly charts. So far, the long-term trend remains up from a weekly perspective, but I have to wonder if we are finally in for a good (and healthy) correction to weed out some of the weak hands in the market.
