by Ryan Detrick, Senior Market Strategist, LPL Research
āIf the Dow closes above 21,000 today it would be only 24 days to go from 20,000 to 21,000 ā tying the record from 10,000 to 11,000 in 1999. Of course, in terms of percentage moves, the move in 1999 was much larger - none the less, this only reinforces how strong the rally has been since the election. Are we extremely overbought? Yes and a modest correction would be perfectly normal, but the positive thing about this move is it has been driven by improving earnings. This helps justify the gains, as it isnāt all based on hopes for tax reform or infrastructure spending. There is real economic improvement now that has sparked much of the rally.ā*
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