Posted on 09/28/2006 6:40:01 AM PDT by RobFromGa
Previous high 11,722.98 in January 2000
Tomorrow is the last day of the quarter (and of the fiscal year for some), it wouldn't shock me to see a pull-back of a couple hundred points between today and tomorrow as traders try to lock in profits. Don't get me wrong, I still think we are going to see the Dow in record territory, but it will probably be a few weeks away.
Oh I'm sure they have all their "Yeah...but" economic related stories ready to go.
Notice Battle of Iraq started April 2003
On your alltime chart, I think it is always instructive to draw a straight line from 1985 reading to the present trends, the hump during the Clinton years was pure bubble...
Don't worry about oil prices. My decided opinion is that current short positions are unsustainable given market fundamentals.
Basically, what that means is that we're seeing a technical bounce in prices due to trading activity divorced from physical realities, all of which will reassert themselves. Demand is still down worldwide, and stockpiles are high. Refinery capacity has increased. There have been no hurricanes, and there will be none in the Gulf this year. Estimates of both reserves and drillable wells are higher than they were last year, and all the idiot day-trading in the world can't change reality.
You kinda have to have money first to give people raises.
Geez...some people are so impatient.
You're correct, but I doubt either of us wants to kill the buzz in here because everyone's good mood and optimistic outlook is justified. The Dow reached an all-time intraday high of 11750.30 on Jan. 14, 2000; the all-time closing high of 11722.98 occurred the same day. We'll see where the Dow trades intraday and closes before making a new entry in the record book.
The Dow may be at the same level it was seven years ago, but the health of the economy is totally different now. In the late 90's the markets seemed to completely ignore corporate profits and focus on things like inflation and the Nasdaq bubble drove the Dow. Many Dow components were trading at 30 to 40+ times earnings then, today it is generally under 20, that is a huge difference.
Bring it on brother..... the mighty US of A and friends will clean the clocks of those seventh century apes with sixth grade education.
Bring it on brother..... the mighty US of A and friends will clean the clocks of those seventh century apes with sixth grade education.
I remember in 1998 Warren Greenspan was warning that the market was over-stated and there would be a 20% correction. There was when the recession started in 2000. I have my 401K statements to prove it. But, we don't hear such a warning from the Fed Chairman now. So, I expect the market to maintain steady growth.
Bring it on brother..... the mighty US of A and friends will clean the clocks of those seventh century apes with sixth grade education.
I agree the mood is great and justifiably so, but take a look at what I wrote in #41. I think the record is probably a couple weeks off.
Dow Industrial Pass Record-High Close
Email this Story
Sep 28, 9:49 AM (ET)
By ELLEN SIMON
(AP) World Economic Forum Executive Chairman Klaus Schwab, left, bangs the gavel after ringing the...
Full Image
NEW YORK (AP) - The Dow Jones industrial average topped its record-high close this morning, reaching a milestone in Wall Street's recovery from nearly seven years of corporate upheaval, economic recession and the impact of terrorism. The high close was 11,722.98 set on Jan. 14, 2000.
Lifted by growing optimism about stable interest rates and a soft landing for the economy, the Dow rose to 11,724.86 in morning trading. It faced one more milestone, its intraday high of 11,750.28, before it could move into uncharted territory.
I think one of the least noticed hard-hit sectors or brackets is the age cohort from around 50/65. A lot of them want to work and nobody wants 'em.
That's because in this country there is the "ambition gap." People have different levels of ambition, and thus, their incomes will correspond accordingly. That's the way it is, and the way it shall always be.
What I was referring to was the state of the economy post 9/11 after the Dow soared to its previous highs. All it took is two well placed airliners...
There are ALWAYS certain people in any economic time frame that are "not doing well". Celebrating the successes of the masses does not imply neglect towards them. More people then ever before in history are invested in the markets and this is a great boost for them and by extension our nations economic viability.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.