Stock traders do not view a new high as really valid unless there is some serious action.
div > div.group > p:first-child"> The large beats on earnings from companies as diverse as Lockheed Martin, United Technologies, Pulte and Whirlpool are propelling the S&P 500 to a new high. In addition to earnings well above expectations, we see China bottoming, Europe at least showing some signs of stability, and the Fed remains accomodative.We have earnings reports from Banks and Industrials and a smattering of consumer names like Kimberly Clark and Procter & Gamble .
This is all good news, but if you think Wall Street is celebrating, try calling around on a trading desk: you won't hear any champagne corks popping.
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