My, The News on This Was Quiet When It Happened

Photo of Tom Blumer.
By Tom Blumer (Bio | Archive)
February 16, 2007 - 08:22 ET

This came in my e-mail from CNN just after the markets closed on Wednesday:

Historic day on Wall Street. Dow industrial, transportation and utility averages all hit record highs for 1st time since 1998.

I've been pretty busy, but I think I would have caught coverage of this news somewhere else had it occurred. If it did, it was quite muted.

Mark Hulbert, in a column time-stamped early Friday morning, details just how significant the news is:

The last time prior to Wednesday that this happened was March 17, 1998, nearly nine years ago. During the previous 70 years prior to 1998 in which all three Dow averages existed, it happened just 18 times.

If the most bullish thing that a bull market can do is go up, Wednesday was evidence of a very powerful bull market, indeed.

Thursday, the Dow went up again, while the transportation and utility averages pulled back a bit. The NASDAQ closed within a few points of 2500. The Greatest Story Never Told continues.

Cross-posted at BizzyBlog.com.


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I suspect part of this unto

February 16, 2007 - 08:59 ET by sarcasmo

I suspect part of this untold-story may be the result of lots of dollars (but we can't know M3 anymore - coincidence?) chasing the same number of assets, IOW coming inflation. I'm puzzled by Kudlow's article, which rightly advocates allowing imported Brazilian ethanol to compete in the USA, but what needs to be repealed is the effective ethanol subsidies more than any tax. Corn subsidies are really corporate welfare to Archer Daniels Midland & US corn farmers who can not compete effectively in a free agricultural marketplace.
JMR

stocks

February 16, 2007 - 12:12 ET by Tom Blumer

I don't always agree with Kudlow either, but I like the his description of the economy in general.

I believe what is happening is probably the SAME dollars chasing FEWER assets. I saw a graph the other day show that stock market assets have FALLEN since SarBox because of voluntary de-listings and private-equity buyouts.

Ah, here it is:

The Shrinking US Stock Market

Liberals

February 16, 2007 - 10:33 ET by iveseenitall

Liberals, while enjoying it in their personal lives, will ignore the successes of capitalism (or any other successes for that matter) because of their devotion to Socialism which, in their hearts, they know is a failure. Hypocrites!

NEVER,NEVER trust a liberal