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The Dow Jones Industrial Average has risen 1000 points since the middle of July, and several hundred points in just the last few trading sessions. At 9783, it's within hailing distance of 10000, a level not seen since last October.

What does this mean for you and your portfolio?

Not much. It's ten years and six months since we first passed the 10000 milestone. Since then we've passed it several more times — in both directions.

It doesn't even mean the markets are back to where they were: since the Dow first hit 10000 back in March 1999, the Department of Labor says the dollar has lost 23% of its purchasing power.

So in March 1999 dollars we're still only back to about Dow 7500. Thanks to inflation, each "Dow 10000" is worth less in real terms than the previous one.

Nevertheless, round, headline numbers can still have an effect on market psychology. Crossing 10000 pumped up market exuberance back in 1999, and falling below 10000 was another blow to investor psychology last year.

A fund manager I know suggested this week we might see a big run-up in the fourth quarter. The market, he said, might be forced higher as more people come off the sidelines — most likely at the worst possible moment. Institutional investors have been too cautious through the rally of the last six months. That's true for the public, too; they sold through the crash, and the latest data shows they were still selling shares in August.

this is the next big resistance in the market. If we climb above on high volume we could see more sideline cash enter the market bidding it up even higher.

this week and a half will tells a ton about the economy and the direction of the markets....HUGH reports coming out from GOOG to GS.

Johnson and Johnson posted earnings of a 1% gain, so hopefully we can see more and more postives from Goldman Sachs, Citi, Bank of America and Google.

close above 10,000 havent checked the volume yet, but either way a positive sign.

backdown below 10k .....We need more news to keep this rally going it looks like.

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