Weakness? Bulls see no weakness. Dow 20000? Certainly many are predicting DJIA hitting 17000. Anyone old enough to remember Nixon can remember the Dow closing over 1000.
Monday Markets Steady as a Rock. Major indices saw early weakness but steadied as better than expected retail sales, boosted by autos, was reported. Without auto sales retail fell 1%.
Still Robert Doll of Nuveen Asset Management likes what he sees and writes that he doesn’t see the markets faltering into a depression. He does see a rotation from some sectors such as info technology moving higher than others. This could be a move to the ‘Sell in May’ crowd that usually moves assets to Utilities, Telecom, Health and Info Tech until October.
Lower gas prices, higher home prices and stronger market has given the consumer some confidence and Bernard Baumohl believes the economy is ready to rock. 
Timothy A. Bassett CFP, at Talmer Asset Management & Investment Services, Inc. writes that its been 181 days (as of Friday) since the market has pulled back and we are overdue. Mostly weak macro numbers didn’t give pause to the Bulls. Industrial production was weak after soft manufacturing numbers. Usually this is consistent with spring numbers but not seeing this reflected in the markets.
Gold fell $29 to close $1359 on Friday.
Finally- MarketWatch.com reports that the stock rally is a sign of strength and froth. On Friday 141 stocks in the S&P reported new highs on that day alone. Jonathan Krinsky, chief market technical analyst at Miller Tabak, reported the last time that so many stocks reported new highs on one day the market corrected by 4 1/2%.
Usually the markets disappoint the greatest number of people. Waiting for a correction may not happen…
Questions call Paul at 586 295 0430 or write him at pstanley@westminsterfinancial.com
Securities offered through Westminster Financial Securities, Inc. Member FINRA/SIPC
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