Higher and Higher
The stock market now begins to echo the late great Jackie Wilson's "Higher and Higher."
The venerable Dow Jones Industrial Average closed at an all-time high of 21,963.92 on Tuesday. Wednesday saw it break through 22,000 for the first time.
The S&P hit its all-time closing high of 2,477.83 on July 26.
The NASDAQ dittoed on the 26th, reaching 6,422.75.
If there's a fly in the ointment here, it would be the Dow Jones Transports, which hit their all-time high of 9,742.76 on July 14th, and then went into t swan dive, landing at 9145,75 on August 1st, a drop of 6.13%. That's stiff for a two-week stretch. The Transports, as some of you know, would typically follow the Industrials in a bull market to new highs. The fact that they haven't could mean a bear awaits. On the other hand, the Transports famously failed to confirm the Industrials earlier this year for quite a stretch, only to suddenly turn around in May. Give them time, and they may do so again.
New highs are the hallmark of long, strong bull markets. They also - at some point - mark the top of bull markets. Which do we have here?
Well, it being August, a time for easing up on our work load in the spirit of summer, we'll put that discussion off for another day. Instead, let's just let Jackie Wilson pump up our spirits, even as the stock market pumps itself higher and higher. Enjoy!
The venerable Dow Jones Industrial Average closed at an all-time high of 21,963.92 on Tuesday. Wednesday saw it break through 22,000 for the first time.
The S&P hit its all-time closing high of 2,477.83 on July 26.
The NASDAQ dittoed on the 26th, reaching 6,422.75.
If there's a fly in the ointment here, it would be the Dow Jones Transports, which hit their all-time high of 9,742.76 on July 14th, and then went into t swan dive, landing at 9145,75 on August 1st, a drop of 6.13%. That's stiff for a two-week stretch. The Transports, as some of you know, would typically follow the Industrials in a bull market to new highs. The fact that they haven't could mean a bear awaits. On the other hand, the Transports famously failed to confirm the Industrials earlier this year for quite a stretch, only to suddenly turn around in May. Give them time, and they may do so again.
New highs are the hallmark of long, strong bull markets. They also - at some point - mark the top of bull markets. Which do we have here?
Well, it being August, a time for easing up on our work load in the spirit of summer, we'll put that discussion off for another day. Instead, let's just let Jackie Wilson pump up our spirits, even as the stock market pumps itself higher and higher. Enjoy!
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