The day becomes more solemn, and serene
when noon is past- there is a harmony
In autumn, and a luster in its sky,
Which through the summer is not heard or seen,
As if it could not be, as if it had not been!
The Indian Serenade By Percy Bysshe Shelley
The Dow cracked 16,000, and there wasn't any fanfare. There was no confetti or balloons, and the New York Stock Exchange didn't book Kool and the Gang to get down from the balcony. The most unloved, most stealth rally in history continues to rock, but the news is barely a blip on Main Street's radar.
Ironically some market bears argue a giddy Main Street is the main reason the market is higher, and a sure indication it's about to go down in flames. Yet there isn't the slightest sign of abnormal joy, or any joy for that matter as the higher the market goes, the more solemn investors become.
It's not unlike that Indian serenade in Shelley's poem, where summer is not heard or seen, and as if this rally could not be (as if it has not been). As someone with contrarian tendencies, I'm always on the lookout for manic behavior, though it's not here - yet.
Individuals are coming back to equities, but mostly through the (delayed) Bond Rotation - nobody's emptying out their piggy banks - yet.
I always thought the hype game, the Fed printing, and all the other behavioral red flags would begin north of Dow 16,000; so, it's going to be interesting to see if the record -breaking rally becomes more parabolic.