Dow 17,000: What’s the Big Deal?

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July 1 (Bloomberg) –- Bloomberg’s Joseph Ciolli discusses the significance of Dow 17,000 with Julie Hyman on "Street Smart." (Source: Bloomberg)

Yes, you had these pmi numbers and manufacturing measures from around the world.

You had the u.s. in line.

It is interesting that that was enough to push us to these levels.

We have seen a lot of rats in the market.

We will probably look at it tomorrow or possibly thursday because there are so many sectors.

We have tech, transportation, the diversity and the sectors.

Recently, talking to investors and looking at the behavior of the market, we haven't necessarily seen the cyclical groups take the leadership.

Utilities are the best performers this year and people have been somewhat defensive.

Potentially a good sign that you will see the cyclical groups starting to catch up a little bit.

These are the groups getting hit in two months starting in april.

They did very poorly and we look at the netflix and amazon market cap companies that really got nailed as the nasdaq slid and we are seeing those comeback.

And with them, it is really positive.

Talking to a lot of professional investors, we search for it all.

I know you're calling mike reagan and talking to strategist saying that when i turned 50 or 60, that is a big deal.

What are you hearing when you talk to people about if it makes a difference?

They will tell you it doesn't make a big difference and that it's just a number but there is a psychological barrier there.

It could be signs of more bullishness to come.

I was talking to someone that read a newsletter on dow theory, the transport index and the dow jones industrial is even more bullish.

People that would actually be around, -- it is the next data point we have to go on.

If people go to the long weekend looking for some sort of catalyst, it could be something that could experience a drawback with the low volatility market.

We will see some pity -- pretty big price wings.

Is their optimism?

Yes there is.

The s&p is forecasting five percent earnings and we did not see the earnings we wanted in the first quarter.

We can reaffirm the bull market that we are starting to inch towards.

Maybe we will get there this week.

This text has been automatically generated. It may not be 100% accurate.

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