The new year has begun with a powerful rally on Wall Street that is either rational or cravenous, depending on one’s point of view. The best explanation I’ve heard so far views the rampaging bull as politically rational but economically insane. I shouldn’t need to explain the latter, but Trump seems to be getting much of the credit for the former, since he arguably represents a shift from the most anti-business U.S. President in recent history to the most pro-business. Even so, with earnings multiples for many high fliers in triple digits, valuations are just a tad rich. However skeptical we might be, we shouldn’t let it inhibit our bullish imagination. By my runes, technically speaking, there’s still room for more…let’s call it semi-rational exuberance. You might therefore find my latest bull-market target for the Dow Industrials interesting, especially since we’re getting close. If you don’t subscribe but want to know where the target lies, click here for a free two-week trial subscription to Rick’s Picks. It will give you access to the 24/7 chat room as well, where great traders from around the world gather to swap ideas in real time, wise anecdotes, war stories and witticisms.