Afternoon Friday, July 1. Looks like I missed it, predicting a 12,475-12,500

Afternoon Friday, July 1. Looks like I missed it, predicting a 12,475-12,500 top-out and the DJIA over 12,550, but why is the market raging up? hmmmm: it always gets emotional. A little bit of a run, and everybody gets excited. I think emotion drives the market, don't you? Some data (hard reality?) The basic economic model for our predictions the last several months has not changed that I can see. Investors are getting excited this week, but we will find something to panic about very shortly. We are due for another correction to the 11,900-12,000 range before the year is up. I don’t have a feel for exactly when it will occur, but before year-end FOR SURE.

NEW YORK (Reuters) - Stocks rallied on Friday for a fifth day and were on track to record their best week in nearly a year, after a surprising jump in manufacturing data eased concerns about a tepid economic recovery.

Consumer discretionary and financial stocks led the day's advance. But trading volume was well below average ahead of the long holiday weekend, with just 2.73 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq.

"I'm quite bullish on equities at this point. The main factors that have been weighing on the market are behind us. Worries about a big slowdown in manufacturing have eased and Greece, although temporarily, is gone," said Kurt Karl, chief U.S. economist at Swiss Re in New York.