Well no, of course we all know that the Dow can go up as well as down, however there has been a certain amount of excitement in some quarters about the Dow flirting with the 11k mark.
Yes, stocks are coming off historically strong performances in September. But for the market to head decisively higher again, it will require sustained doses of good news, something I can’t see it getting.
This economic recovery is slow – for every two steps forward there seems to be one and a half back. And there is the looming issue of the US deficit which neither Republican nor Democrat appear to be coming up with a realistic plan to deal with.