Up, Up, Higher and Higher Go Stocks

Middling economic data. Mixed earnings reports. Anemic volume.

Somehow, all of this amounts to one of the best winning streaks for stocks in decades and record highs on the S&P and the Dow, with multi-year highs (like 12 years) on the NASDAQ.

Let's see: The Dow industrials have been up seven out of the last eight sessions, the only down day being a nine-point loss on July 10.

The S&P 500 has shown day-ending gains eight straight sessions and 13 of the last 15 trading days have ended higher. The only two losing days were disappointments of 6.92 and 0.88.

Likewise the NASDAQ has closed higher eight straight, and 13 of the last 14 sessions have been positive, the only setback was a loss of 0.91 on July 2nd.

Gotta love that computer-driven trading. It's beaten the fundamental traders and skeptical bears into lunch sandwiches.

Bear in mind (no pun intended) that 2nd quarter GDP is estimated to be below one percent, but that data won't be released until the final week of July. This week, there's a slew of earnings and economic data due out, including CPI, Housing Starts, Industrial Production, Initial Unemployment Claims and Leading Indicators, all of which will be interpreted as positive news, even if it's negative.

And so it goes...

Dow 15,484.26, +19.96 (0.13%)
NASDAQ 3,607.49, +7.41 (0.21%)
S&P 500 1,682.50, +2.31 (0.14%)
NYSE Composite 9,523.16, +24.65 (0.26%)
NASDAQ Volume 1,439,276,250
NYSE Volume 2,683,426,750
Combined NYSE & NASDAQ Advance - Decline: 4249-2288
Combined NYSE & NASDAQ New highs - New lows: 660-31 (yowzah!)
WTI crude oil: 106.32, +0.37
Gold: 1,283.50, +5.90
Silver: 19.84, +0.047