by Greg Guenthner
Daily Reckoning
Pop the champagne, baby! The bulls are back in town!
You thought the world was ending two weeks ago? Wrong! Yesterday, the S&P 500 posted a new all-time high for the first time in 13 months, the longest stretch without a new high outside an “official” bear market since 1985, Bloomberg says.
You should know by now that price leads the news. So it’s no surprise that the financial media have abruptly canceled the world economy’s funeral. The wake has been moved to a nightclub with an open bar. Everyone’s invited to party until dawn and share whatever bullish data they can get their hands on…
The economy? Strong!