Did the Dow Jones Industrials REALLY make a new high?
(Charts for stocks mentioned today, and the year-to-date price gains for each DOW stock is below.) You have to wonder if some kind of virus wiped out “common sense” in the markets. Take the DOW for instance. It is making new highs. In fact, as of noon yesterday, it had gone up 10.60% year-to-date. One anomaly on the index, if adjusted to a more realistic value, would have had the DOW at 11616 yesterday … below its all time high. Consider this: * 16.7% of the DOW stocks are in the red for the year. * 20% of the DOW stocks have risen between 2% and 5%. * The best stock rise for the year on the DOW was by a company who’s rise was almost double the rise of the second best stock on the DOW. * This stock went up 64.52% this year, and last year everyone was wondering if it would go bankrupt. This stock that went up 64.52% is a money losing company … and it has been the most significant driver in the DOW reaching new highs! This same company’s stock price has consistently made “lower tops
