Correction? Yes. When? Nobody Knows.

Welcome back from the long holiday weekend. Before we left for our nation’s birthday celebration, markets had a little party of their own: The Dow had broken 17,000, the Standard & Poor’s 500 Index had touched a record high and was spitting distance from crossing 2,000. Even the small-cap indexes such as the Russell 2000 and the S&P 600 have notched new highs. And the Nasdaq, up 255 percent since the March 2009 low, is less than 15 percent away from the record set in the dot-com-era market of 2000.

Despite evidence that new highs are bullish — we don’t get them during bear markets — the commentariat and much of the news media sees this as a matter of great concern. Consider a perusal of this morning headlines:

• “Why the 17,000 Dow is bound to crash

• “With Stocks So High, Should Investors Move to Cash?”

• “5 reasons not to watch for a stock market correction

• “What Investors Are Worried About Today

Some of these articles make for interesting reading, but they don’t make for especially good investing advice. Why? I can think of three reasons:  Continues here

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