All this hoopla about the DOW breaking 14000 needs to take into consideration the bearish implications of the light volume at these highs. The NASD is still down 30%+ from its all time high, but the S&P is approaching its all time high at 1576.09 from 10-12-07. By March 09, the S&P hit a 17 year low at 666.79 Until the $1-$2 trillion sitting on the sidelines comes back into the market, it won't take much bad news to cause a big pull back again. This market is and will remain a short term traders market. I see nothing in the next 4 years with Obama economics that is positive. Companies have good earnings because they are laying off employees and not overspending in production since there are fewer and fewer folks to buy anything.
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