The Dow Jones Industrial Average (DJIA) trades just short of 52,900 on Tuesday, higher by close to 700 points and 1.3%, roughly 450 points beneath the record it set in the first week of July. Healthcare and financials both reach record highs, led by insurers, while consumer staples add close to 4% on the strength of a single earnings report. An index that cannot feel the routPrice weighting converts a pair of earnings beats into an outsized number of index points. Four de-escalations since April have bought equity index points and no relief whatsoever at the front end of the curve. Bias: Bullish above the 52,600 area, objective the record just above 53,300, invalidation on a daily close back beneath 52,200.