Whoa, Whoa, Whoa Slow It Down There, Killer
It's like Sodom and Gomorrah over here. With this week's FOMC meeting, I think we can safely say here that the market is sufficiently fluffed. Let it go already, no point in riding this bull any longer, isn't Lord Blankfein raw yet?!
With little on the docket to challenge investor optimism, the defiantly bullish stock market is looking to extend its staggering run in the week ahead.
And why not? Wall Street has shaken off pervasive calls for a September selloff and warnings about the still-struggling economy, managing frequent, fresh 2009 highs of late. The Dow Jones industrial average, the S&P 500 index and the Nasdaq composite have all ended higher in 9 of the last 11 sessions.
The petering out of certain government programs in the last two months of the year and the possibility that third-quarter financial reports will disappoint are real concerns -- so is the reality of a still-brutal job market and change in consumer attitudes toward spending versus saving. But these longer-term worries aren't likely to dominate in the week ahead.
"As long as the economic news keeps pointing up, the market is likely to post more gains in the near-term," said Michael Sheldon, chief market strategist at RDM Financial Group.
pffft. They said "petering out."
When does it end?!