The S & P SPDR (NYSE: SPY) made another new high on Friday, and could deliver more over the next few days.



Chart Courtesy of StockCharts.com

Momentum for stocks remained intact last week, as the S & P 500 shrugged off the negative employment report.

Now, new data from China and a pickup in commodity prices suggests that the recovery theme for the global economy is gaining traction. Some of this is also due to the feeling that change is coming in the U.S. congress and that some sort of gridlock lies ahead.

Gridlock means that politicians can't get anything done so our wallets may be a bit safer for a while. Investors like to keep more of their money, so they seem to be betting that the current trends toward things they don't like will at least slow for a while.

The problem with this scenario is that investors aren't always businessmen. And it's businessmen and women that create jobs. So money that would normally be going into business development may be going into the stock market.

If you don't believe that, just think about it. No new jobs are being created, but the stock market is in a nice and very steady up trend. That means that money is coming from somewhere.

What it means is that for now stocks are attractive. In the long run, it means that job creation may have reached a critical point. These are important changes in the way people behave. And if left unchecked, they will have some long and lasting repercussions.

Plan accordingly.

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