Each day something percolates.
Now we all know that without more news we are just playing the multiple expansion story, meaning that we are bidding stocks up on the same information over and over again, stretching the valuations as we do it.
But unlike other periods where I have seen this kind of multiple expansion, we certainly weren't stretched at the start of it.
That's why, although it's terrific to have had the longest streak of the millennium, I do believe we need to cool off a bit. The only reason we haven't, of course, is that everyone wants it to cool, which is precisely why it hasn't happened yet.So, congrats market, eight straight days. But nine? Unless we have that same set of delicious circumstances developing, and I just don't see it, the breather may, at last, be here. Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.
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