* RESISTANCE AT 10,000 AREA HAS BEEN STRONG EVEN ON BREAKOUTS
Astoria, New York
With the Dow going back and forth above and below 10,000, a look back at the last 6 months is essential in understanding what happened here. The Dow hit a low between 6000 and 7000 in March. Thanks to the bailout, financials led the spring rally towards 8000. In the summer, it looked like the worst was over even though unemployment kept soaring. The market kept rallying after some pullbacks. By Labor Day, 9000 became a support level. In the late summer and early fall, the slow ascent towards Dow 10k even with more banks failing, gold breaking 1000 dollars and oil beginning to move north once again. And the government continues to print money, an easier task than other alternatives but resulting in a weaker dollar that hits 1.50 against the euro.