This article first appeared at The McAlvany Intelligence Advisor on Friday, December 26, 2014:
Observers of new highs being put in by stocks at the Wall Street Journal could hardly restrain themselves. Eric Morath and Ben Leubsdorf, writing in the Journal on Tuesday, noted that the economy is now enjoying “a sweet spot of robust growth, sustained hiring, and falling unemployment [which is] stirring optimism that a post-recession breakout has arrived.”
Translation: Good times are here again, and likely to continue. Break out the Brie and Chablis.
Looking past the celebrations and the prognostications seemed, at first view, to confirm the market’s outlook: