The Dow Jones Industrial Average is trading back above the 13,000 mark. The DJIA (NYSE: DIA) i sup 0.22% at $129.87 to reflect the slight discount due to fees in the ETF. The NASDAQ is still under the 3,000 mark but that is up over 8 points at 2,965 and the S&P 500 is up 4 points just above 1,367.
While the DJIA 13,000 mark may just be a sentimental figure rather than anything solid on the chart, it is a large psychological figure because it is recapturing losses from when the bubble burst during the 2007 to early 2009 period.
Our implied DJIA target piece at the start of the year generated an implied price peak of 13,678.
As a reminder, it is the four top components of International Business Machines Corporation (NYSE: IBM), Caterpillar Inc. (NYSE: CAT), Chevron Corporation (NYSE: CVX), and McDonalds Corporation (NYSE: MCD) with their $100+ share prices which have to lead the DJIA the most. These four DJIA components make up right at 30% of the total DJIA weightings due to their share prices dominating the index so much.
IBM was recently named the chart of the day and one analyst sees $230 as realistic. If that happens, IBM could be the only gainer and the DJIA could hit our 13,678 target.
JON C. OGG
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