World stock markets seem okay with the Dow over 20,000, based on the twin supports of healthy earnings and an unshakeable faith in the new President to make everything better. Analyst comments today include things such as "all signs point higher," and "no reason for stocks to sell off until March."
That sounds remarkably similar to "things couldn't get any better!" and "everybody's buying," which Mr. Russell used to remind us isn't necessarily good. If things couldn't get better, then doesn't that mean that they can only get worse? And if everyone's already bought stocks, doesn't that mean that power is shifting over to the sellers?
Well, that's the contrarian view, which hasn't done anybody any good since the election. But it wouldn't hurt to keep that in mind as you're considering jumping in here to join the crowd.
In any case, Asian markets joined the celebration, with the NIKKEI index up over 1% ... Log in or subscribe to continue reading.