Dow 10,000: A bad thing?

Sometimes I think I'm living in alternate reality. Americans cheer when we lose the Olympics. Many were outraged the President winning the Nobel Peace Prize. And now it would seem that the Dow passing 10,000 is a bad, bad thing.

Huh? Personally, I think the Dow is overvalued and overall stock prices have been inflated beyond reason... but there's nothing bad about the Dow at 10,000. It's much better than the alternative. On March 9 the Dow hit a low of 6547. It's now up an astonishing 53%. Anyone who invested in early March is quite the happy camper.

Yes, Wall Street's profits have mostly come by cutting workers... that's why I think this rally is short-sighted. Those are one-time cost savings. Most companies are not seeing real sales growth. The good news about the profits is that companies have the money to reinvest and, hopefully, that will lead to job creation in the future... but it will likely be very slow job creation.

In other words, we're still screwed, but the Dow hitting 10,000 is a good thing.