The Dogs often do well because adversity brings internal change to a company in management, approaches or efficiency. However, the investor is also exposed to high company-specific risk with such a small number of stocks, and we know from history that some stocks doing badly will continue to do badly.

If you look at manufacturing profits, they just went to a new high. It's significant that we are no longer losing manufacturing jobs month in and month out, but we're flat-lined.

This economic recovery, both in the United States and globally, is staying stronger and more durable than what people thought. That means that profits are going to keep coming in better for longer, and that's pushing stock prices up.

That's how the economy pushes forward; new things emerge that no one was thinking about.

Profits are going to keep coming in better for longer, and that's pushing stock prices up.

The stock market doesn't know if it should focus on the fact that the economy is strong and profit momentum is good, or that rates have to go higher.

Commodity prices are rising, quite dramatically for copper, tin and steel scrap. That would not happen if there was an expectation of a slowdown.

What's driving the market higher is continued evidence that the economy is stronger than expected. While people are waiting for rates to peak, they are missing out on a lot of rising stock prices.

Without a 'depression panic,' short-term rates probably would have bottomed fairly close to where they are today. Essentially, the Fed has just now returned interest rates back to recession lows and can now 'begin' to tighten.

With corporations sitting on excessively strong balance sheets, they've got the growth to set off a major spending cycle,