A 'double-pop' in the Dow Jones

The Dow Jones peaked twice this week in a 'double pop'. But now the downtrend has resumed. John C Burford looks at the charts for potential trades.

I am trying desperately to find a word for the opposite of 'dip' as in 'double-dip' and I have decided on 'pop'. Why?

Because since I wrote on Wednesday, the market did come off the pop to the 11,600 area, but then popped up again to yesterday's spike high at 11,715 and then embarked on a rapid descent to the current 11,450 area.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.