The Dow, S & P and Nasdaq all hit new 52 week highs today. In fact the S & P 500 closed at its highest mark since September 2008. What does all of this mean? Could this be the result of year end window dressing? Now that the S&P 500 has closed above 1250, could this be the technical breakout that everyone has been looking for? Or could this be the result of a bullish call today from the chairman of asset management at Goldman calling that 2011 could be the “Year of USA”?
I think it’s a combination of all of the above and then some. I know it is hard to believe that with the economy continuing to struggle and with the incessant high unemployment rate that America continues to endure, you ask yourself, how can stocks continue to lift? Let us not forget that markets tend to be forward-looking mechanisms and just maybe 2011 will become the “Year of USA”.
Have a great evening.