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There is no sign of fear yet as Dow Jones pushes closer to 38k again

A former Fed boss, Alan Greenspan once termed exuberant US stock market gains as irrational and that comment came before a slide subsequently unfolded. Well those comments were almost 30 years ago and much beyond the mindset of investors and traders today, as of course the majority of them were probably still in short trousers back then. I remember it well though. Nevertheless, there is a lack of fear out there right now and that is driving the insatiable desire to own stocks, particularly tech. I said previously there was evidence of overseas buyers at work here too and no prizes for guessing who they might be. Traditionally those guys are the greediest of the lot too. So, in the absence of fear and any warning from the Fed, the US markets have driven higher into uncharted territory this week. Despite the S+P 500 and the Nasdaq 100 setting fresh records yesterday, the Dow Jones did not manage to set a new record. It came close though, when rising to 37,748. So, the current all time high set earlier this month, at 37,783 remained intact. The Dow Jones later edged back to close at 37,677. The futures are not much changed this morning, currently indicating a reopening at around 37,690 

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