Stock Update: DOW

In my Feb 20 entry, I questioned whether Dow could stay at $29. It managed to do so for a few days before breaking down back to $28. It made a higher low on Feb 25 ($28.32 vs $26.18 on Feb 8) and then a higher high Mar 5 ($30 vs $29.54 on Feb 18). Next we have another higher low Mar 11 ($29.40 vs $28.32 on Feb 25) and we will want to see a close above $30 and then reach $31.40 for a convincing uptrend. To seal the deal however, Dow will have to get to $34. This is not entirely impossible, but as you can see, Dow is very much tied to the gyrations of the DJIA.

If the DJIA can get above 10,800 we will see Dow move towards $34.

Source:E*Trade

Stock Update: DOW

Sat Feb 20
DOW is holding in WLD with N Winds. One more day here and we may have something. The red candle makes me a little concerned that we will get to see another green candle at this level, but I did get out of the Jun $27 Puts to stay long. Volume is easing and we may see another pull back. Overall the trend is still up.

Prior Notes
2-16 : Will DOW prove me wrong to break $28? I'd like to see if it can get beyond $29.
2-12 : On way up.
2-9 : Nice move up.
2-4 : Next support $25.20 and then $23.60 before reversing.
2-3 : Dow broke through $27 support and reversed the TY-DT
2-2 : Expect Dow to test $27 support. Bought Jun $27 Put. H&S forming. Broke up channel, in WLD with S Winds.