Salient to Investors:

Randall Warren at Warren Financial Service said we need to see good economic reports and good earnings reports later this month for stocks to keep rising.

Birinyi Associates says the rally is longer than the average length of bull markets since 1962 of 4 years – 4 of the 9 advances lasted 6 years.

The S&P 500 is 5 percent away from analysts’ mean forecasts, closer than any time in at least 7 years and versus the historical average of 14 percent. Bulls say the narrowing spread is because securities firms were surprised by the rally and that equities will rise as they boost predictions: bears say because stocks are so far ahead of themselves that even market optimists are uncomfortable with the increase.

Malcolm Polley at Stewart Capital Advisors said the market has not given analysts time to re-evaluate and expects better economic and corporate data.

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