....the strong economy or the bullish investor sentiment? In other words, IF one assumes there is any disconnect between economic fundamentals and stock market performance, however large, moderate or small... ...how long until the the two mesh? Is the stock market a leading indicator of the underlying economic conditions, or a lagging indicator expressing investor en masse sentiment, or something else? Let me give but one example: Retail was weak this quarter. Kohls store is at $72 now. It was at $52 on June 1, 2006. So, in 11 months, KSS has appreciated almost 40%. Yet consumer spending has been slowing, and KSS has no eal international exposure to speak of. So, what came first, the chicken or the egg?