I was looking around at some of the news stories today following yesterday's breach of Dow 10,000 and here's a smattering of what I saw:
Dow Breaks 10,000: Don't Get Caught Up in "Euphoria"...
An Equity Bubble in the Making?
Concerns About the Tone of the Market's Current Advance
Does the Good News Point to a Market Top?
U.S. Stock Markets Are Disconnected from Reality
Dow Theory: Party While It Lasts
Dow 10k: The Higher They Rise, The Harder They Fall
And here's some more good news...
From the Daily Treasury Statement the total take for employment taxes, as of the 8th statement day of the month (most recent data) is:
(All figures in millions $)
So, there appears to be an improving trend in employment tax deposits over the past three months. This coincides with weekly unemployment claims down in 5 of the last 6 weeks.
What the stock market/economy skeptics fail to realize, or seem to be ignoring, is that any improvement in the job picture, if and when that happens (and I think we will see it soon) has not been priced into this rally yet. So far the rally has been based on earnings from higher productivity (cost cutting) and not job growth.
This likely means there's another, whole entire leg up still to come. Dow 12,000?