Friday was a fresh record close for the TSX composite. Ending the day at 14,984, the broad market composite has now breached the previous peak marked last October and January. To be bullish from here one needs to believe that stock markets have now fully discounted world recession and credit crunch fears and have at last launched into the next bull market expansion in stocks.

Maybe they will. I wish I could believe this. My belief of course is irrelevant, only time will tell; but critical thought prompts us to look deeper than just the record close headline, and so we should look closely at underlying sectors for insight on present strength.   more »