DOW PASSES ALL-TIME HIGH [Closes under 5 points off record]

Yahoo Finance ^ | Sept 28, 2006 | RobFromGa

[RobFromGa]

At 3:05PM ET: 11,709.01 19.77 (0.17%)

We need 14 points in the closing hour. Be nice to get it done today, tomorrow is end of quarter...

[b4its2late]

You're right.

[unkus]

What's good for America is bad for the Dims.

[groanup]

If you can find anyone who bought after 9/11. Even then, the market didn't find a bottom until Aug, 02. By then everyone was catatonic about stocks. Most trend followers like me didn't get back in until April 03 when the S&P crossed above its 200 day moving average.

BTW Harry Dent used to be a paid shill for a mutual fund company. IOW, put all your money in our funds and leave 'em there. The Dow's going to 30,000.

[unkus]

Right on-thank you.

[RobFromGa]

If you can find anyone who bought after 9/11

I've been buying steadily all along, and didn't get out halfway till early May of this year, now I'm waiting for one more opportunity to get in fully again. Since prices are steadily climbing, apparently there are buyers.

Dent is one of three that I subscribe too, and I like his stuff from an overall trends level, but he doesn't do much in the way of stock picking, etc. I just find his stuff interesting...I'm sure most of the newsletter writers were paid shills for most of their pre-writing careers...

[Protagoras]

No thanks. The world is full of people looking into crystal balls.

He predicts a Dow in the 35,000-40,000 range by 2010-11 or thereabouts.

Think he'd be willing to bet on it?

[GunnyHartman]

Good point you make there Einigkeit_Recht_Freiheit about laziness. In fact that, I believe, is the number one factor for "poverty" in the USA.

I have a couple of siblings (40ish in age the both of them) who fall into that lazy category. Heck they still live with my parents who are retired and in their late 70's.

Even an intellectually challenged person could go to a trade school and make some very decent money when they complete their training. But they don't. Why? Because they're lazy.

[GeorgefromGeorgia]

"Current trends in the US show that social mobility is decreasing and is now even lower than that in Europe for the first time (according to The Economist feel free to post contradictory studies)."

I subscribed to "The Economist" and have not read an article supporting your statement. In the USA there is much movement between quintiles of income. People move up and down the ladder. Even the lowest quintile of income group includes people that appear to have income below the poverty level, like my Mom, who gets about $10K a year from SS, but has a house paid for and assets worth about $400K. People in the bottom quintile move up (in 5 years large numbers of people are in higher quintiles). I'll research some articles and get back.

[RobFromGa]

That's fine, the book and some of his predictions are very interesting to read though, and there is a lot of reasons given for what he says. Of course, there are many things that can change everything, in fact the whole War on Terror and 9-11 were unanticipated shocks.

Overall I think the trend is steadily up, and there is a lot of money being saved by people now in their peak earning years, who are looking for investments. A lot of them.

[RobFromGa]

Another charge has brought us within 10 points, GO! GO! GO!

At 3:22PM ET: 11,713.01 23.77 (0.20%)

[TheDon]

To belittle the fact that lower and lower-middle class people are having a hard time is foolish and arrogant. The economy is doing well, but certain people in it are not. Ignore them at your peril.

A Demorat talking point...

[Protagoras]

The question remains, even if you think this guy has some mystical ability to predict precise entry points into the market, how does he know?

[SoldierDad]

Amen.

[RobFromGa]

He watches technical indicators, and draws head and shoulders patterns, and the entrails of wild ducks, and somehow comes out with a projection. Depending on whether the duck was a good one or not, he's either right or wrong.

If he can't catch a duck, he throws darts at one of these like the rest of the economists, and the stock pickers...

[NeoCaveman]

Did you adjust for dividends paid out.

They more less compensate you for inflation.

That's why this inflation adjusted DOW is just some new DNC talking point.

[Mase]

Current trends in the US show that social mobility is decreasing and is now even lower than that in Europe for the first time (according to The Economist feel free to post contradictory studies).

Yes, it's become so bad that only 80% of the millionaires in this country are now first-generation rich.

Compounding your problem is the fact that our median household wealth is now at an all time high of more than $105,000 and is, in real dollars, almost double what it was in 1983 and triple what it was in 1962.

As you can see from this chart, the middle class is really taking it on the chin too as more and more of them move into higher income brackets. Looks like middle class median family real income is growing along with the upper quintiles.. Damn that upward mobility!

Although the poverty level is at about 12.7%, it has only been lower five times in the past 25 years.

I'd say that social mobility in this country is better than it ever has been and that you need to find some other sources than The Economist for your information.

You should always be aware that most of those residing in the bottom quintile of wages earners move up to a higher quintile every 10 years. Although there will always be people in this group who rely on government assistance to get by, the opportunity for improving ones standard of living in the U.S. has never been better. It's the incredible opportunity here that makes the gap between rich and poor meaningless.

[Protagoras]

Precisely what I suspected. Good luck.

Oh BTW, please alert me at the point that you are buying on the pullback. Thanks

[Left2Right]

"Our lower and lower middle class would be very wealthy in other countries...

So very, very true. I see a lot of billboards and signs nowadays in the "poorer" areas warning about "Childhood Obesity". Only in America...

[RobFromGa]

SURGING PAST AGAIN!

At 3:45PM ET: 11,724.62 35.38 (0.30%)