The stock market shot up like a Roman candle for idiotic reasons after the election. The candle may have reached its apex when the Dow hit 19,999.67 last week. As I stated in my Short Seller’s Journal, I was “stunned that bank traders were unable to push the index up to the holy grail number of 20,000. Of course, in and of itself, the “Dow 20k” watch was moronic. Thirty stocks do not an economic system make. Sorry Fox, CNBC, Bloomberg, CNN etc.
I also stated in my Short Seller’s Journal, in the issue two weeks ago, and long before Zerohedge posted the comment from some guy named DeMark who predicted the Dow would never hit 20k, that 20k might not happen. In fact, I titled the issue, “Is Dow 20,000 Now Out Of Reach?”
The “Dow 20,000” financial media promotion has bordered on vulgar. Fox Business (which I keep on mute at all times) kept a “Dow 20,000 watch” banner at the bottom of its broadcast during the entire trading day for the last 2 weeks of 2016. It disappeared last week. In the context of the entire stock market and the U.S. economy, it’s meaningless for the Dow to hit 20k other than as a powerful propaganda tool.
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