The Market Held Above 11,000

Yet again, the market held above 11,000. Read: From John Murphy at Stock Charts.com
DOW 11000 DOESN'T HAVE MUCH TECHNICAL SIGNIFICANCE AND PROBABLY WON'T STOP THE DOW'S ADVANCE -- BUT CHART RESISTANCE IS VISIBLE BETWEEN 11200 AND 11600 -- KEEP AN EYE ON UPPER MONTHLY BOLLINGER BAND AS A POTENTIAL UPSIDE TARGET


JP Morgan-which may trigger the market downward, as it may not hit analyst earnings also on Wednesday

On Wednesday the beige book is out, YUM Brands posts results, and Thursday Google reports earnings after the market close.

On Friday Bank of America reports, and GE reports before the market opens. With the market again moving minor points, and landing above 11,000 for the first close since the financial system began teetering 19 months ago.
John Murphy thus may be right. We suspect a downturn consolidation to 10,850 area only on the "need" for consolidation, but earnings may not be priced into the market, as many think they are.
Long term, we remain bullish.
The Dow can be defined as having a "stealth" rally characterized by below-average trading volume and small daily moves.