There has to be concern about sustainability of growth overseas; Japan is central to that issue, ... If people are looking at fundamentals, that's the only news they have to look at this morning.
I think it's just oil and optimism about the New Year. I think oil is the driving factor due to the warmer weather, but people are now looking for better than expected (fourth-quarter) earnings, better than expected retail sales number. There's a host of good numbers out there.
I don't think you have to worry about a profit squeeze, but don't be surprised when people start shouting profit growth has peaked. A lot of companies that are seeing increased costs for raw materials will not be able to pass them on to the consumers.
People have adjusted faster than we expected to the way they use credit. This could be a signal that Christmas sales may be weaker than expected.
I think futures are up because people are looking ahead to today's numbers and seeing that this economy continues to move ahead very nicely, no matter what problems a specific company may be reporting.
If people perceive that all-time high as 'normal,' that's going to make it very difficult to convince them that jobs are plentiful.
There's got to be a lot of people out there with the cash for a deposit.
A lot of people are figuring out the rates are going up and this is their last chance to get in there and buy homes.