The bulls took another step at setting new 52-week highs on Tuesday and did a good job of holding their gains considering the headwinds before the bell. North Korea will remain a dark cloud over the market for 2013 (and beyond, as well as other nations) and we have mentioned geopolitical events or saber rattling will effect Wall Street but nonetheless, the indexes moved higher.
The Dow added 47 points, or 0.3%, to settle at 14,018. The blue-chips fell 3 points after the open to 13,968 but were up by 70 points intraday before giving back a little into the close. The bulls aren’t going to rest until 14,200 trips and, believe it or not, it was only the second close above 14,000 in February. At the first of the month, the Dow closed at 14,009 and yesterday’s peak of 14,038 was higher than 14,019 set that day. Support has been moving up but the bears would like to get the action back below 14K and then 13,900. We have said to watch for anything below 13,800 as a reversal and our wiggle room is 1.5% from current levels.
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