This week’s cover of Barron’s is what all the contrarians will be talking about on Monday.
“STOCK ALERT! GET READY FOR A RECORD ON THE DOW”
Despite having a limited amount of statististically sound proof, the contrarians have been arguing that a bullish magazine cover is a sign of the top.
However, there have been plenty of bullish magazine covers during the last four years and stocks have only gone up. On Friday, the Dow closed above 14,000 for the first time. And it’s only around 165 points from its all-time high.
Barron’s Andrew Bary toots Barron’s horn to remind everyone that it’s been bullish for a while:
BARRON’S HAS BEEN BULLISH ON STOCKS, including a cover story a year ago (“Enter the Bull,” Feb. 13, 2012) in which we wrote that the Dow could hit 15,000 by the end of this year — a target that looks increasingly achievable. Barron’s was similarly upbeat in a cover story in the fall (“Almost There,” Oct. 15, 2012).
Bary re-presents the argument for Dow 15,000.
Hubris? History will tell. For now, everyone will be downloading this image so they can be the first to write about it if the market makes a turn for the worse.
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