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The stock market is back at new highs, but champagne corks aren't popping on trading desks

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Stock traders do not view a new high as really valid unless there is some serious action.

div > div.group > p:first-child"> The large beats on earnings from companies as diverse as Lockheed Martin, United Technologies, Pulte and Whirlpool are propelling the S&P 500 to a new high. In addition to earnings well above expectations, we see China bottoming, Europe at least showing some signs of stability, and the Fed remains accomodative.We have earnings reports from Banks and Industrials and a smattering of consumer names like Kimberly Clark and Procter & Gamble .

This is all good news, but if you think Wall Street is celebrating, try calling around on a trading desk: you won't hear any champagne corks popping.

 

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2018 let everyone know that the desire for an election year recession can no longer be overlooked. As in 1987 and 2007 the, we can control how much it goes down, turns out to be nonsense. That the wall of worry is intact is the best news we can get.

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