Good luck bears, it's free to go down now as I capitulated....
I hated the reaction in futures just after close and overnight Japan. No question, we are VERY near the top, but the problem is that it can take until next week Tuesday and fair number of index points although I would expect it to stall earlier.
The reason for me closing futures shorts in part is the markets complete denial of the negative repors and some of the data coming out today.
Corporate profits - this should be negative but what are the expectations?
GDP final - this should be non-event, but imagine if it gets revised up by 0.01% Although, that is past history, it probably would add some fuel to the party
Jobless claims - these have been largely ignore in the recent weeks and you can spin the number whichever way you want whether they are good or bad:
bad: no inflationary pressure or weakening economy
good: inflationary pressure building up in thight labour markets or job markets help to over come slow down
Help wanted index - similar
Farm payroll - this MIGHT bring the inflation bear to front
Money supply - hey, who cares it's just green pieces of paper or more importantly bits in various bank's computers
I was somewhat hopeful about the TRINs at the close, I had NYSE TRIN closing at 1.20, Nasdaq significantly higher.
The DOW record seems to be magnet. We probably get a blow off top, but it could take us quite a bit higher.
AI
