For a couple of weeks high flying names in the market have been under some pressure as stocks in general seem listless or at least vulnerable. In fact, there is more talk of a bubble from smart people that have mixed track records (If that sounds oxymoronic it's because on Wall Street certain masters of the universe are ordained, and they can be wrong over and over again until they're right and the adoration begins anew). The stock market is on a tear to be sure, but this isn't a bubble atmosphere by any means. It's easy to argue that a pullback is overdue and that a correction would be healthy, beyond that the question of whether stocks should be crushed is misplaced.
I would agree the U.S. economy is still problematic enough to add doubt to current valuations and how much farther the market could move ahead.
This week we'll get the latest jobs report, which has a built-in excuse from the government shutdown but will just be yet another reflection of poor fiscal policy and the notion that redistributed confiscated wealth has the same impact of earned wealth and achievement (of course the government shutdown didn't stop the PMI number from coming in strong enough as to be considered an anomaly). The bottom line is America's economy is in neutral with countervailing forces. There is that DNA strand that pumps out entrepreneurs and people that fight the odds; on the other end, there is the creation of more and more people that live off others with pride: the former is scorned by the administration, and the latter cheered and encouraged.
Investors Riding The Wave
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