Market Pushes Higher, Threatens To Prove Me Right
Up, up, and away once again into fresh record intraday territory for the Dow.
At better that 12,100, I'd say we're now in feasible striking distance of my year-end prediction of 12,800. Yes, it was a brash and saucy call, given that the Dow was floundering at a mere 10,700 at when I made it 9.5 months ago, but we've already gained 13% year-to-date and we need less than 6% more to fulfill the prophecy.
So what needs to go right between now and 12/31 to prove me prescient?
- Oil keeps tanking.
- The Fed stands pat on Wednesday and doesn't spooky-up its rhetoric on a possible looming rate hike.
- 3rd Quarter earnings season continues to bring in happy returns.
- No late-season hurricanes cause trouble.
- The GOP maintains control of both houses of Congress, prompting Wall Street to celebrate with a 1-2% upside move.
- Preliminary holiday shopping figures surprise to the upside (currently forecast to grow by 5% over last year).
If we go at least 5 for 6 on the above, I say we get there.
Handcrafted by Flip on October 23, 2006 |
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