Follow-through

Animal spirits are still on the rise and the market is following through on a relatively quiet day. No small thing that the Transportation Index has broken out to a new all-time high. This confirms the recent strength of the Industrials and as I wrote back in the summer, the Dow Theory should be respected even though its out of vogue. The more out of vogue, the better.

Speaking of out of vogue, my call for a new secular bull market surprises many and impresses few and for that I am grateful. The prices of the stocks I own agree with me and that's all I need!