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Broken field running today. That's right, that's what it feels like for the bulls. They are past the secondary, nobody back and they are galloping to the end zone.
Does that mean I have to raise my price target?
For months now, I have been predicting that the
10,000 by year-end. At this pace, though, it could hit 10,000 by Thursday!
It sure would be easier if this rally were occurring
companies reported. But I am heartened by several important tells:
blew up last week and it is
almost unchanged. That's incredible. If the downside is that tiny, how can you not want to buy ahead of earnings?
took the offense by
moving up its call. Surprising action, but that's the type of thing that occurs when you are feeling much more bullish about your prospects than in past quarters.
tarred and feathered big-time last week. But here it is, bouncing right back. Wouldn't surprise me if the stock was back to where it was last week because "worries" over accounting have returned to being the way things used to be: "Who cares?" That's incredible in itself.
4. A positive article about an old-line company,
, moves up the stock huge. These positive
articles now are starting to create true interest in stocks.
, my three most important cyclical bellwethers, just don't quit.
reports a disappointing quarter and doesn't even slip back to $28. A year ago it would have been at $25 on that type of quarter.
These all are signs that we could take out Dow 10,000 rather shortly, even as I fret about the
oscillator's flashing of an overbought tape.
Or, to put it another way, the hedge funds that are "neutral," or were boasting at the beginning of the year that they weren't levered to the market, now are trying to explain to their investors why they aren't keeping pace with the tape.
The explanations aren't washing. The hedge funds all are hearing the same thing: "You have two and a half months to catch up. So go do it."
At the time of publication, Cramer was long Honeywell. General Electric owns CNBC, for which Cramer is a featured commentator.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.
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