DOW IS FLIRTING WITH 17.000

At least for one day the US rally has been stopped after five day winning streak. They haven’t lost their ground only took a slight consolidation after a couple of weeks hot streak rally. Yesterday U.S. indices fell the most in three weeks, with the Dow halting a five-day rally and was pulling back from the previous day’s record close. The Dow stopped its rally and longest hot streak since last July.

• Dow 16,844 -102 -0.60% 
• Nasdaq 4,332 -6 -0.14% 
• S&P 500 1,944 -7 -0.35% 

The DJIA easily could back test the 16.700 support level.

The bullish trend is not violated at all. The S&P 500 over the past 38 days hasn't had one gain of >1%. That is a slow and steady gaining without any bubble pattern. The S&P 500 since February rose 12%. Sorry, are you bear? You were and are wrong. 

The volume was remarkable low Wednesday and we are expecting lower volumes further because TODAY STARTS THE WORLD CUP!!! Get to the TV and have a beer.

The BFM Assets Team.