I read about several dozen fed official reports, along with daily econ. report from yahoo finance, cNN, marketwatch, CNBC, etc, etc. It's very clear as per what these fed official are saying that the economy is moderating, and that they are looking for a soft landing. Well then, why is the Dow (and the S&P, even the Nasdaq) keep going up after the Israel cease fire (in July - Aug 2006)? Not to mention Dow has record high almost every week. Some of these sectors, for e.g., look at retail sector, factor in the gain of those dept. store per year, then look at their 2006 gain, I mean, they are jumping like internet stock in the late 90s. Not only their P/E doesn't justify it, neither does their earning. Regardless, in the 2nd half of 2006, we have talks of recession, on top of that, currently we have a housing market that as per their NAHB economists said, has not bottomed, we have soft customer spending as per today's retail report. So, knowing these econ data are true, why is Dow keep going up? We just had an intraday high yesterday.