Good Times
It almost always pays to look on the bright side.
“Let the good times roll” is such great phrasing – immortalized in their own way by people like B.B. King and Jimi Hendrix, The Cars and Buckwheat Zydeco – that it doesn’t even matter that it’s a cliche.Investors, traders, and speculators are driving a rally well-supported by economic and business fundamentals.
So why not let the good times roll, at least until the mid-month, when as “Stock Trader’s Almanac” editor Jeffrey Hirsch reminds us, the major indexes get weak.
And then there’s that strong finish.
The Dow Jones Industrial Average has been up for seven straight sessions, its longest such streak of the year. And both the S&P 500 and the Nasdaq Composite are flirting with new all-time highs.
All three indexes are up at least 3.5 percent this month after all three were down in April.
As Charley Grant of The Wall Street Journal notes, US companies are also feeling good “and spending like they mean it.”
Willie Delwiche of Hi-Mount Research notes that “after bending but not breaking from a sentiment perspective, bulls have regained the initiative this week and the cyclical rally off of last year’s lows remains intact.”
April showers, he adds, have generated May flowers.