Tired News from France Fails to Lift U.S. Stocks

Stocks broke out of a tiresome two-week consolidation on Friday, evidently eager to hit the ground running as the new week begins. This move should eventually carry the Dow 500 points higher, to around 21,500. That’s not much of a gain percentage-wise, but I have a feeling it could still take at least 6-10 days to get there, since the bull market has grown wholly dependent on short-covering to achieve new highs. Short-covering requires ostensibly good news, but the only headline available for that purpose at the moment is today’s victory by the not-Trump candidate in France. Unfortunately for bulls, the outcome was stale news even before it happened, and that’s why stock are getting almost no lift Sunday evening.