To quote Larry Kudlow, this is the greatest story never told. The economy is strong despite the main stream media's lack of acknowledgment................
Dow Industrials Close at a Record
Falling Oil Lifts the Mood,Which Is Far TamerThan at High in 2000
Hope for Goldilocks Economy
When the Dow Jones Industrial Average last closed at a record, on Jan. 14, 2000, it was a time of exultation. A lot has changed since then.
After flirting with the record for days, the Dow Industrials finally topped it yesterday, pushed higher by the hope that falling oil prices will support consumers and the housing market. The average rose 56.99 points to squeak past the old record close of 11722.98 with a finish of 11727.34. Throughout the market, the mood was more skeptical than during those heady days more than six years ago.
"A lot of people who were bearish are throwing in the towel and turning more positive," said David Briggs, head of stock trading at Federated Investors, a Pittsburgh mutual-fund group. "A lot of people have been sitting out this dance, and before we top out, I think we are going to get them in."
By E.S. BROWNINGOctober 4, 2006 -WSJ
2 comments:
Doc, it is amazing how a little patience and a solid examination of the underlying fundamentals can help one realize the stock market is going to purr right along for a while in this secular bear market. I am 50% invested in equities and feel much better that no one is talking about their stock portfolios at the super market! They are all too catatonic over the housing market!
wow
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