Time for Bulls to Start Worrying

by Rick Ackerman

Although the rally on Wall Street flouts common sense and arguably even sanity, born-again bulls continue to rampage. What will put an end to their foolishness? Surely not more grim economic data, nor an increase in what is already the highest unemployment rate since the Great Depression, nor a wave of business failures that could eventually asphyxiate the consumer economy. None of these problems has even fazed investors over the last three months. However, creeping doubts about whether Trump is still a shoe-in to win in November could soon make further, upward progress impossible and even reverse the rally precipitously.

It is hard to predict exactly when investors will get a whiff of this possibility strong enough to throttle the bullish hubris that has dominated the business sections lately. They may already have caught the scent of trouble, since stocks spent all of last week in an ominous stall.

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