For those of you who thought you got a Dow Theory buy signal when the Trannies eked out a higher high last month, take a look at these charts (printed 2:45 NYT Wednesday).
The Industrials never broke important resistance even though the took out the June high. Trannies broke resistance but you have to be the nittiest of pickers to call July a higher high over June.
I’m goin’ down, down, down
– Bruce Springsteen
