What are they thinking? Bond yields spiking, oil prices spiking and they’re buying stocks like crazy? I guess history is out the window. Today there was I guy on a board I read projecting 44,000 on the Dow in 2014, apparently based on Barron’s earnings estimates for next year. That’s some hockey stick.. I didn’t ask how his shoeshine business was going.
Another divergent new high today (unconfirmed by advance/decline line), NYSE breadth has been narrowing all day. Expectations are pretty high for the jobs report tomorrow, I suppose. Do bots have expectations? Anyway, this is the most dangerous bubble yet. I don’t suppose anyone noticed that domestic car sales missed big today.