If the current Dow average around the 11,000 mark, turns lower,
the DJIA will fail to follow the Transports into record ground. But even if both averages
satisfy Dow Theorists by moving to fresh highs in unison, the broader S&P would likely
still have a lot of catching up to do, an indication of the lasting weakness in much of the
market since 2000. Meanwhile, larger technology companies, still a major segment of
the economy, continue to lag hopelessly behind a market led by cyclical stocks and
commodity producers.

History shows that narrow leadership or the failure of important averages to confirm the Dow Theory
can pose a grave threat to the stock market. When the impact is finally felt, the public
may discover, as Yogi Berra might say, "If investors don't want to buy stocks, there's
nothing anyone can do to stop them."