by Greg Guenthner
Daily Reckoning
Late last week, the Dow, S&P 500 and Nasdaq all hit new all-time highs. That marks the first time all the major averages set new closing highs on the same day since 1999.
But I have a secret to tell you about these new all-time highs…
It’s not about an impending market crash. It’s not about panic or a disconnected economy, or any of the other themes the media has bombarded you with over the past decade.
The secret I want to share with you is simple. Yet it has been almost completely overlooked since the Dow Jones Industrial Average began posting fresh highs last month.