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2006-09-27 :: 11,709 Today?

6:30 AM – It looks like we are set to break through the key 11,709 level on the Dow today as the futures point up.  As discussed in the post the other day, if we break through 11,709 we will have cleared the double top formation in the chart and should continue to head higher, barring any major problems in the approaching earnings release season.

8:30 AM – U.S. stock market futures turned lower, erasing earlier gains, after weak durable goods data and a rise in crude prices spooked investors who had been focusing on a run at all-time highs for the Dow Jones Industrial Average.

9:00 AM – We are at 11,706, the cash market is going up in spite of the futures!

If we break through the 11,709 level, we will be adding positions as described in the earlier post, repositioning portfolios to fit with the revised investment strategy.

More later!