It'll be interesting to see if the SPX puts in a double top at 6128 and it backed off from 6127
this morning. Retail Sales for Jan. fell off the side of a cliff. If Retail Sales continue to be weak
which accounts for 65% of GDP and with the 2024 GDP a large portion of its' growth was due
to a dramatic increase in Gov't Spending which will not happen with Trump the 2025 GDP could
be rather mediocre. But, of course, the Bulls don't really care about the GDP. As the Bulls are
saying, the AI industry is doing just fine so up, up and away. And Thursday's AAII readings give
the Bulls some support. It'll be interesting to see how high the SPX P/E can go. Some of the
Broad & Wall folks are calling for the SPX to go up to 6,600 which would take the SPX P/E up
to 33 vs. its' long term median of 17.9.
