Dow Cracking 21,000 – How Far Can The Rally Run?

With the Dow cracking 21,000 this morning, just over a month after breaking 20,000—and with other indices setting records as well—there are a few questions we need to ask:

• First, how long can the rally last? Is the market bound to come back down as fast as it went up, or can it keep going?
• And second, how high can it go? Even if the rally continues, it will presumably hit a limit at some point. Do we have any idea when that would be?

This could go on for a while . . .

Given the market’s strong performance since the election—and the tendency of markets to keep going in one direction (until they don’t)—I expect...