As economic data continues to worsen, and the jobs situation has clearly moved past the point of peak prosperity, equities are – – naturally – – roaring higher, as they have all week long. We’re up about 1500 points on the Dow from the bottom just a few days ago. In the midst of this, I’d like to suggest you keep a close eye on the banks, as they’re not buyin’ it.
I’d also like to say yet again that, having spent the past decade jumping up and down about how the Dow was going to go to 400 (I am not making this up), the guys at Elliott Wave have spun around 180 degrees and are predicting lifetime highs approaching 30,000 on the Dow and a peak that is years away. So……….we’ve got that going for us.