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I'd like to make a comment on the "Dow Theory" today: Since there were several write-ups circulating Tuesday about a new "bear-market signal" given by the theory on Monday, it is worth addressing.Some analysts were all atwitter, saying that Monday's close on the Dow Jones Industrial Average and the Dow Transports broke under the January lows. Thus, they said, a new Dow sell signal was triggered.
The theory states that if a double confirmation occurs, (i.e., that if two of the three Dow averages make a new high or low) then a trend is confirmed.
Well, the Transportation Average did fall below both its January and November intra-day low and closing low. (I mention January only because one report said that it is relevant -- but it actually has no significance at all.) And the Industrial Average did break the closing low of January -- but that is irrelevant, since the market's lows were made in November.
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