The S&P 500, which started the week with three days of declines, rallied on Friday and ended up 0.2% weekly.
The bulls received exactly what they hoped – proof that the rally is based on real profits.
Three of the world’s largest companies: Amazon, Microsoft and Google posted record profits, broke analysts’ forecasts and pushed the market to new record highs.
Current reading of US GDP shows annual growth of 3% versus expectations of 2.5%. The result: The public flocks in droves and buys ETFs and shares not only in cash but also in increasing leverage.
The significance, as I said here in the past, is that there is still a lot of room for increased prices, and now it seems that we also received the economic justification.

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