The stock market is still on a tear, with the Dow up almost 15% from its low earlier this summer. As ever, all the way up, the market has climbed a "wall of worry," with an army of analysts saying the boom isn't based on economic fundamentals.
And it still isn't, says Joe Saluzzi, co-head of the trading desk at Themis Trading.
Saluzzi sees nothing in the current economic data that would justify such a run.
Of course you can't see it Saluzzi, you're just a patzer who takes his cues from everyone else. Me? I'm an independent thinker who attempts to rise above the noise and peer down the road when everyone else is looking down at their feet. I look ahead to see what trends are in motion and the only conclusion is we're in a bull market. A powerful bull market that will take amateurs like Saluzzi by surprise. The bull market is a harbinger of the new economic boom that's I'm staring directly at. I've told this to friends and family. No one believes me. They look at what's going on in the country, the foreclosures, the bankruptcies, and the ascension of China and point to the decline of America. In other words, they're looking down at their feet instead of projecting forward in time to a brighter day.
I scoff at all of the doom and gloom because blue skies are ahead. I've said it before and I'll say it again, "Bluer than the bluest eyes."