Another record for the Dow

"Little resistance to the upside." Wow.


Stocks rise amid more deal news

Dow at record high as Alcan rejects Alcoa bid, sparking deal speculation

By Nick Godt, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rose firmly on Wednesday, sending the Dow Jones Industrial Average to a new record high, as a stream of deal making news continued to fuel buying interest, this time with speculation in the metals sector after Alcan Inc. rejected Alcoa Inc.'s hostile bid.

"I wouldn't say this market is unstoppable, but there's certainly little resistance to the upside," said Art Hogan, chief market strategist at Jefferies & Co.

 

Just wait until this baby turns over.

The market is so overdue for a major correction, it is scary.

Everybody is talking about the new high for the Dow, the new high for the S&P...all the while some very ominous signs are being ignored.

If you're going to continue riding this runaway train, just make sure you're prepared to jump off at the first sign the wheels are coming off.

 

And since the posting of this thread, the market has dropped 75 points.

Way to jinx things, TBF. If this triggers a huge slide/recession/depression, well, it's your fault.

 

Oooopps.

 

THE END IS NEAR

 

People with enormous stock holdings are thrilled today.

People who had to fill up their cars with gasoline today aren't.

Which category do you fall into?

Which category do most people fall into?

 

I'll give you a hint, it's not the stock holding category.

 

You guys don't have 401(k)s?

 

They probably did until they had to gas up.

 

Higher gasoline prices take money from people's pockets that could otherwise be invested in their 401(k)s.

Investing for retirement should be a no-brainer, of course. But a person first must deal with the essentials (housing, food, utilities, gasoline) and THEN decide, with what's left (if anything), how much can go into a 401(k).

Right now I am putting $7,000 a year into a 401(k) and $3,000 into my gas tank.

If gasoline prices were at the levels of just last February --- three months ago --- that $3,000 figure would be reduced to $2,000.