No celebrations on my part. I am more fundamentally oriented but I have been around long enough to know that is just one factor that drives the market. I am open to the market going higher. My argument has been and will remain that valuations matter. Of course we can argue on which benchmarks to measure but that is what makes a market. I will be backpacking in Idaho where I live next week. I am going with an old Santa Monica Track Club mate from the 1970s and my son. Since I will be out of the office I reduced my shorts today another 2%, and I will cover some more if I get the opportunity Friday. I will place a few sell limit orders before I leave Friday. I think the market can rally and set new highs. I just think it gets more difficult to move the market higher. The old market adage is "trees don't grow to the sky."
Thanks for the early birthday wishes, since I turn 65 in September.
May the market move your direction.