Today is the day practical, silly, and otherwise lame or funny jokes are in play all across the globe, well, in Europe and the US anyway. No one really knows how this day of fool’s play came into being, but I guess that does not matter, now does it?
At first, I thought the market was playing a joke when it opened in the green today. Again, with all of the yacking about the S&P 500 taking the market to the limit of its ability to keep going higher and with so many pundits now pushing the idea that the market will correct, I naturally thought the market would reverse itself to take us back to pre-record levels. Okay, so maybe I didn’t think that. Maybe I think something different all together. Consider this.
It took some five years of struggle, but today’s market is only back to where it left off at the end of 2007 (give or take). The market is only at the starting line, once again. Given where the US and global economy are, the discussion should not be around how “overbought” the market is. The question that should be forming on everyone’s lips is, how high can the S&P 500 go in 2013? Is 1650 out of the question? That would be a big move, no doubt, but is it unrealistic?
- U.S. manufacturing growth picked up in March as new orders increased and hiring quickened, closing out the best quarter for the sector in two years.
- The Commerce Department reported that Construction Spending rose by +1.2% in February.
True, the manufacturing news is a mixed bag of solid exports, stronger hiring, and a drop in production, but the fact remains, manufacturing is holding its own in the US. Oh, and in China too. Check out the recent PMI numbers for that chugging engine.
Is anyone checking out Zynga, the offshoot of Facebook? Three states have now legalized online gambling, and more will surely be doing so in the near future. Zynga is one of the companies in the mix for providing the gaming software. Now, the reason I mention Zynga and no other is that the struggling company is currently selling around $3.00 a share. At that price, a bit of speculation seems worthwhile, yes? So if you find this intriguing, keep your eyes on the gaming news and track Zynga.
Here are two thoughts for your consideration, and I will bid you adieu, as I am traveling today and tomorrow. Both relate to an important reality for market players – chatting, chatting, everywhere, no reason not to think. A play on the words of the Ancient Mariner, true, but important nonetheless.
- You can see whatever you want to see from the media, if you look hard enough.
- We have to make a point of seeing things as they are, rather than following the media’s lead (or the media’s lack of lead).
Trade in the day; Invest in your life …
