I remember when the Dow hit 10,000, both going up and going down. It was a lot more fun going up, especially the first time in 1999.

As we ponder Dow 20,000, the question now is whether it makes sense. In the short term, from a technical and market action standpoint, the answer is absolutely. With retail investors positive, seasonal factors favorable, and institutions and fund managers potentially trying to catch up and look good at the end of the year, buying is very likely to continue. Markets are at all-time highs, yet there is no overhead resistance to slow them down.

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