Dow Nears New 2011 Highs

Just a few weeks ago there was a wall of worry made up of Europe, Japan, Libya, Egypt, oil prices, and the Sacramento Kings moving to Anaheim.

Doesn't matter to Wall Street. We are near new bull market highs.

I mentioned in the past that eventually Wall Street would look past these external events and refocus on the economy. After all, stocks represent current value and future views of corporate expectations.

Long lines at the Cheesecake Factory and at casino slot machines translate into optimism about consumer spending and company profits.

So here we are. Stock prices moving towards new highs. Still within the trading range defined by the previous highs and the recent 6% correction. Sure doesn't feel like we are going to revisit that. Does it?

I'm long. Low beta stuff.