Wall Street has been climbing the wall of worry and that’s where a range of concerns are recognised, but the market still climbs over them to go higher. At the moment, the obstacles to going higher are stopping the ascendency of stock prices but I don’t think we have hit an insurmountable obstruction.
What we’re talking about is investor confidence that stocks is the place to be to make money versus the accumulation of threats that could turn a bull market into a bear market.
We are climbing the wall of worry and it can be worrying by definition but you have to rationalise what you’re seeing. This is how I saw it yesterday morning for Switzer Daily (www.switzer.com.au).