The Market On Friday

  Good morning. It is 39 degrees and cloudy with light rain here in Upstate NY. Today is a classic gray Upstate NY November day. We add color into the day by ourselves with our activities and creativity. We are gearing up for Thanksgiving - furniture is getting rearranged, clutter is getting placed in remote rooms, and the process of serious cleaning has begun. The weekend will demand much more.

  At 8:40 a.m. ET futures are slightly higher and the price of oil per barrel is down. The market is poised to open mixed.

  In case you have not noticed, the DOW closed above 16,000 for the first time ever on Thursday. So now what happens? Technically only three things can happen - the indexes go higher, stay the same, or go lower. The building but not necessarily accurate consensus is that the liquidity of the q.e.s has juiced the corporate ledger book and equities into a bubble. When q.e. is pulled a correction will occur. One suspects that the minds at the Fed have been wrestling with this for a while. How do you soften the landing without there being a dramatic crash in the stock market once again. In the meanwhile, it's quite possible to see more increases as well. Why not.

CNN: Stocks: Gearing up for another record?

...many investors are increasingly worried that stocks are in bubble territory.