Where's the new closing high in the DOW Futures?

Good afternoon all,

Well, this may sound a bit obstinate but it's the truth. We SOLD the DEC DOW yesterday at 14050 and then watched the market move higher right to the closing bell. New highs? Not from our perspective! The DEC DOW contract high came on 7/19 at 14,190 and closed at 14,165. Yesterday's high was 14,195 but closed at 14,157. Now, I know there are a lot of people saying that it's only a matter time but the fact remains the the DOW futures contract has FAILED to notch a new closing high on the daily chart and, considering the massive yawn the market displayed today, I believe that we're putting in a major DOUBLE top here. The complacency on Wall Street is at nosebleed levels and that's always a sign that something major is about to occur. So, I'll remain SHORT the DOW and see how this whole thing plays out. I just hope that, at the very least, you're sitting on the sidelines and aren't LONG this market. A lot of people are going to get caught with their pants down and the end result won't be pretty.

Dale F. Doelling
President and Chief Market Technician
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