Bullishness on the Rise

Dow Theory Letters
"Gold just rose to a 27-year high. The Dow has been rising to new record highs. Last week the S&P Composite and the NYSE Composite (surprise) rose to a record high, thereby confounding the skeptics and confirming the Dow. Last Friday the lagging Transports surged a whopping 158 points, moving in the direction of the Dow. Dr. Copper is pushing at its highs.

If you listen carefully, you can hear the rumbling. That rumbling is the distant thunder of the third phase of this great bull market. I'm thinking that within a year or so the US public will turn highly enthusiastic. Business will pick up. Prices will be heading up. The punch bowl will be filling up toward overflowing. Today's skepticism will turn to bullishness."(10/08/07)

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