It was a quiet day for news. But the markets headed up.First the scoreboard:
Dow: 14,000, +119.9 pts, +0.8 per cent
S&P 500: 1,515, +13.1 pts, +0.8 per cent
NASDAQ: 3,161. +30.3 pts, +0.9 per cent
And now the top stories:
- There were no major U.S. economic or earnings announcements today. And despite the looming sequestration deadline and a very important Italian election coming this weekend, investors took on risk and bid up stocks.
- Lately, experts have been changing their tunes about how they feel about stocks. JP Morgan’s Tom Lee, who is known for being bullish, took on a decidedly bearish tone today. From Lee’s note to clients today: “We believe we have reached that point this week, where incremental “fresh money” will find better entry points in 1H— in other words, it is challenging to see the elements to support a big lift in equity prices from these levels. Thus, we recommend investors turn cautious and defer incremental purchases.”
- Meanwhile, Nouriel “Dr. Doom” Roubini told Yahoo’s Aaron Task that he was “short-term bullish, long-term catastrophic.” The NYU economist believes that we are in another credit bubble that is inflating slowly, kind of like the bubble that ended in the financial crisis. Except he thinks this bubble could be much bigger. Remember, asset prices went up during the last credit bubble… until the bubble burst.
- Don’t Miss: 50 Stocks That Hedge Funds Are Shorting Like Crazy >
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