New York – In the midst of its biggest ascent in decades, bulls are predicting the Dow Jones industrial index will pass 15,000, and possibly hit 16,000 by year’s end.
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The NEW YORK POST (http://bit.ly/Y29eJt) is reporting that, on the heels of its best January in decades, some veteran Big Board traders view 16,000 as a real possibility.
“There’s an underlying feeling that things are not as devastating as they had been,” said veteran trader Peter Doyle.
Last Tuesday, the Dow closed within 1 percent of of its record 2007 high.
Kevin Connellan, director of equity trading at Northern Trust, told the POST, “It looks like equities have recovered. It’s a steady climb. Where else will investors put their money?”
Some fundamentals for the Dow’s ascent:
Successive rounds of Fed quantitative easing
Fiscal cliff averted
Meek monthly US job gains of 150,000
More merger activity
Despite their optimism, some bears are skeptical.
“It’s just a lot of ‘noise,'” said Joe Saluzzi, co-head of equity trading at Themis Trading. “It’s the old adage: The market takes the stairs up and the elevator down. I think that’s going to happen on this one.”
It’s being fueled with massive inflationary money printing- so the REAL value of the equities is only TREADING WATER.
Someone or another might want to pull up the names of these Wall Streeters that the NY Post is quoting and look at their track records on predictions.
Why is it so hard to admit that things might actually be improving?
Perhaps someone could argue that things would have improved faster if not for the president’s policies. But we have no way of knowing.
Let’s wake up and smell the chulent and enjoy it.