Market Comment


The Dow Industrials and Dow Transports reached all-time highs this month, keeping the Dow Theory squarely in the bullish camp. With typical one-third to two-thirds retracements of the advances from the Feb. 3 closing lows, the Industrials would trade at 15,896 to 16,420 and the Transports at 7,440 to 7,828. In our view, such pullbacks should be viewed as corrections in an ongoing bull market.

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