Another Day, Another Dow Record

Until further notice, just figure on stocks gaining about one percent per week on the major indices. There seems to be no impediment to rising equity asset prices and there is a great deal of support for prices at these levels.

Don't count on tomorrow's non-farm payroll data to make any difference at all; the experts are predicting a gain of about 160,000 jobs in February, pretty much in line with Wednesday's ADP report.

The Russell 2000 set an all-time high today, and the S&P 500 is just about 20 points from cracking the champagne on a new record top. That event could be any time within the next two to four weeks and it is one which investors are eyeing with some skepticism as it is a much broader average than the Dow Industrials.

Party on, but not like it's 1999, because 2000 was not a pretty year.

Best guess has Dow 15,000 in sight by the end of the year, possibly much sooner, unless there is some wild geo-political event or sudden reversal of fortune coming out of the blue, but betting on black swans has not been fruitful the past four years.

There's probably never been a safer environment for short-term traders. Stocks are on an unmistakable flight path to new highs.

Dow 14,329.49, +33.25 (0.23%)
NASDAQ 3,232.09, +9.72 (0.30%)
S&P 500 1,544.26, +2.80 (0.18%)
NYSE Composite 9,013.36, +16.39 (0.18%)
NASDAQ Volume 1,647,033,000
NYSE Volume 3,871,534,750
Combined NYSE & NASDAQ Advance - Decline: 3862-2586
Combined NYSE & NASDAQ New highs - New lows: 420-18
WTI crude oil: 91.56, +1.13
Gold: 1,575.10, +0.20
Silver: 28.81, +0.005