Tuesday, March 5, 2013

Dow at all time high

Last night, I predicted that it "looks like my backup position is likely to come true."
I'm beginning to suspect it might just make it and then start declining as a result of the sequester that will result if the latest installment of the Satan Sandwich/Fiscal Bluff isn't resolved.
It took only 16 hours for the first part of the above to come true.  As CNN reports, Dow closes at record high.
The Dow Jones industrial average rallied to a new record high Tuesday.

The Dow climbed more than 125 points to close at a record high of 14,253.77, topping the prior record set in October 2007. Earlier, the blue chip index climbed to an intraday record of 14,286.37.

The S&P 500 added 15 points and finished at its highest level since October 2007 and is now only about 2% away from its record closing high.
Still, not all stocks are at record highs. The Nasdaq, which rose more than 42 points Tuesday, is nearly 40% below its all-time highs that were set in March 2000, prior to the collapse of the dotcom bubble. The Nasdaq is trading at its highest level since November 2000 though.
I'm still not optimistic about the future of this market, as I think it's near a top.  That written, today deserves a song, and I have just the right music to celebrate the occasion, "All Time High" by Rita Coolidge, the theme to the James Bond film "Octopussy."  If you've been reading my blog the past month-and-a-half, you'd know I couldn't resist the opportunity to use it today.

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