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Dow Big Picture

|Includes: SPDR Dow Jones Industrial Average ETF (DIA), FXP, GDX, QQQ, SPY, VXX

Do you think the bulls are finished? No technical sign of it here. However, if the expected (by NFTRH) bounce materializes and comes to certain levels, then it will be time to bear down (no pun intended) and figure out its nature. There are things on daily and weekly charts that argue a more lasting decline may be not too far off.

Meanwhile, as I added gold stocks - which have become MUCH better on a risk/reward basis since the silly season commenced on December 1st - yesterday another protective bear position was released (NYSEARCA:VXX) to go along with the departed FXP, in anticipation of some bull games.

Back to the Dow, this (live) monthly chart shows no worries for the bulls. Unfortunately, the monthly does not exist in a vacuum. Its daily & weekly are not quite so forgiving, technically.