That it’s for another week of entertainment up and down Wall Street. The headline is DJIA 10K and the party hats were sported and media commentators were downright as excited as you’ll see them. You see, bullishness sells ads and that’s what pays the bills.
All this enthusiasm is once again born by excess liquidity, low yields and peer performance pressure. Earnings were a mixed bag this week. At least good earnings got good receptions which were logical. On the other hand, poor Consumer Sentiment and rapidly rising energy prices didn’t slow down the retail sector much which wasn’t logical. But, Mr. Market must believe Christmas shopping will be terrific!
Earnings will remain in focus next week as will some economic data like Housing Starts on Tuesday, Beige Book on Wednesday, Jobless Claims and Leading Indicators on Thursday. All during the week Fed officials will be talking and jawboning markets.
Let’s see what happens.
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