Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
One runs out of superlatives to describe the current market.
Every day or week a new record seems to be set. A few of the current – yesterday was the 19th Tuesday in a row that the DJIA was up; the DJIA is now guaranteed to go without a 3 day losing streak for 100 days, breaking the 95 day record in 1927, the NASDAQ has had 17 days in a row of a new higher high, the best since Nov 1999, etc etc. Meanwhile Japan is in the realm of 50% YTD gains as their currency is kicked in the teeth.
Definitely an era to keep in our memory banks as the action is abnormal.
Mr. Dudley (NY Fed) spoke yesterday and sounded quite dovish noting he did not know if the next step for the Fed would be to decrease OR increase bond purchases. Bernanke speaks at 10 AM, FOMC minutes at 2 PM. Outside of the central banks changing course we appear stuck in this zombie like state.
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