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Here's a Dow update from veteran technical analyst Chris Kimble to start our business week.
Chris comments: Are the markets being held hostage by news events along the line of the elections or QE2? Or is Uncle Fibonacci and the "Power of the Pattern" in control?
Patterns like this reflect that a big move is close at hand and most likely people will end up saying that "some event" became the trigger point.
Resistance is resistance until broken. I "harvested" the majority of our positions a couple of weeks and will let these patterns prove themselves!
IF resistance is taken out, investors should follow the price breakout.
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