We are at 11,122. Average P/E is not yet rich but not cheap any more. Things still look positive but for how long?
Case for the Bulls:
More money coming into market
Market has cheaper valuation than foreign markets.
Inventories are low and replenishment cycle is positive.
Market is improving so why would commercial real estate be an issue.
Earnings season is mostly positive.
Case for Bears:
What happened to crazy Iran?
What about Portugal, Ireland, Italy, Greece, and Spain?
What about California or other state bankrupsies?
Will commercial real estate drop in valuations debts clobber the regional banks?
Is the government going to continue the harassment of the investment banks?
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