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Dow Jones avoids a technically negative close

Yesterday evening the US stock markets all recovered after the European close. That recovery saw the Dow Jones rise from a session low at 37,424 to back above 37,700. In my final update yesterday afternoon, I did warn about a potential outside day reversal, from what was a new all time record high, at 37,801. Had that happened, then it would have not been great news for the Dow. However, in the event the index avoided that and later closed at 37,711, with a gain of just 15 points on the session. I have to admit that I did not think it would, but I did also note, that such a recovery was possible. Overnight the Japanese markets are higher again, as the Nikkei further extends its technical breakout above 34k. The index has now risen closer to 36k today. The Chinese markets are less buoyant though after the latest inflation data there showed another fall in both CPI and PPI prices. The Dow Jones futures are slightly in the red this morning too, but in real terms we are talking fractions. The index is currently priced to reopen around 37,690 

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