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The solid drop in weekly jobless claims on Thursday was yet more proof of an improving economy. With that investors pushed up stocks to a close of 1563.23... not many ticks away from the record highs at 1565.
Reity, what does your crystal ball say?
I suspect this drama will unfold like so many times before when the market is hitting important levels. Look for stocks to touch 1565 and maybe flirt above for a while. Yet at the close it will be fairly close to that mark creating a cloud of mystery about whether the rally is over or a breakout above will occur.
Meaning it will be like one of those old timey cliffhangers; "Tune in next week for the conclusion to this exciting tale!"
Barring any surprise negative news, stocks should have little problem with 1565 on the way up to 1600. At that stage there is the greater chance of extended consolidation or correction.
Stay long until the fundamentals give us a greater reason to take profits.
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