That's kind of how I feel about this run to Dow 20,000. It's extraordinary how much we are asking from some stocks and how little others are giving us.
Of course I am being a tad facetious, but for an index to be all the way at Dow 20,000 and to have so many components be well off their highs? Well, I think that's opportunity, not negativity. When you think of how far off GE (GE) and Intel (INTC) and Coca-Cola (KO) and Pfizer (PFE) and Apple (AAPL) and American Express (AXP) and Johnson & Johnson (JNJ) and Merck (MRK) and Nike (NKE) and Procter (PG) and Walmart and Disney are off where they have been, you know it's not a stretch to say we could get there without really being too taxing on the multiples. (GE and Apple are part of TheStreet's Action Alerts PLUS portfolio. Pfizer is part of the Dividend Stock Advisor portfolio.)
Is the rally too narrow in the Dow? I think it is a tad narrow: JPMorgan (JPM) , Goldman and Disney have done an awful lot of the work of late. Goldman's insanely responsible for much of this run, and I do think it's expensive.
But the rest? I can make cases for most of them that they could go higher. That's why I think you don't want to sweat this Dow 20,000 program.