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It seems almost quaint to think about the reasons stock used to go up years ago, such as:

  • Consistently strong and growing earnings;
  • A superb management team;
  • Healthy dividends well in excess of bond yields;
  • An exciting new product line

What is it this morning powering stocks to lifetime highs? Oh, that would be:

  • The President sounded Presidential

Sort of like “the grass looked green” or “the sky looked blue”. We’re really reaching here, folks.

In any case, my largest (actually only) ETF positions in my main account are GDX and GLD, and precious metals continue to look very un-precious. The next big question is whether it breaks that area of the trendline I’ve circled or not.