Not that it matters, but it took the Dow almost 20 years to move from the 2000 level to the 12,000 level. Interestingly enough – at the open this morning the Dow blew through 12K then seemed to hit overhead resistance at 12,050. It is not a forgone conclusion that the Dow will continue to move above 12,000 into the future – this could be a peak for all we know. There is plenty of evidence on both sides – bullish and bearish. Will it be another 20 years before we see 22,000 Dow? Or will we see the 10,000 level again before we see those lofty levels?

Earning season will continue to create some volatility that will whip all the indexes around. The Intel Corporation (INTC) and International Business Machines Corp. (IBM) earnings from yesterday had the greatest impact on the Dow this morning. Intel’s rival Advanced Micro Devices, Inc. (AMD) will release earnings after the market close today.  eBay Inc. (EBAY) is poised to possibly make the markets happy about their efforts to restructure and regain lost revenues and earnings.

Till then – all eyes are on the relatively meaningless Dow index to see if it will close above 12K or not.