Trader: Why Dow 20k is not far away

Remember Europe?

No, not the band named Europe that sang "The Final Countdown" – no one will ever forget them.

Rather, remember the continent of Europe and how everyone was giving it the final countdown on when it would implode, euro and all?

(Read: Euro zone exits longest recession in over 40 years)

Well, here are some interesting pieces of data: the euro zone is officially out of its longest recession in 40 years. And, what's more, yesterday's industrial production numbers in Europe showed an increase of 0.7% in the month of June compared last year in the euro zone. For the quarter, it's up 1.2%.

So, with Europe growing, does that mean we can expect it to carry over the Atlantic and help propel stocks higher in the US? And, does that also mean we can see levels as high as, say, 20,000 on the Dow Jones Industrial Average any time soon?

(Watch: Cramer: Europe about to buoy US market, really!)

Talking Numbers asks its contributors Enis Taner, Global Macro Editor at, and Richard Ross, Global Technical Strategist at Auerbach Grayson, to look at the fundamentals and charts of the index and say what its next moves may be.

See Taner and Ross analyze the Dow and where they think it's headed next by watching the video above.

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