What a wonderful, wonderful market. Literally, nothing can stop it.
In light of all the positive vibes being shared throughout the country, with its people joyous and happy as clams in a cold bucket of sea water, Wall Street’s brightest took some time out from their busy schedules to upgrade their opinions of big cap tech.
Tableau Software added to Top Pick at BofA/Merrill
Apple target raised to $182 from $177 at Morgan Stanley
Microsoft target raised to $84 from $80 at Credit Suisse
Amazon tgt to $1200 from $1100 at UBS; Buy
Facebook target raised to $185 at Aegis Capital
Naturally, I agree with their assessment, only because I am long large cap tech. Providing I was short, I’d be vehemently against it — throwing my arms up in the air, saying “god damned it, I can’t take it anymore.” But, instead, you get gentlemen Fly, a person who complies with the ancient standards of decorum and chivalry.
Nothing is happening this morning, other than copper +1.4%, gold +0.6%, silver +1.3% and cryptocurrencies soaring. Ethereum is higher by +22%.
We should all expect equities to drift higher today, as it is our right as citizens of the free world to both share and bask in the profits of successful globalization. Our beloved leader, Mr. Donald J. Trump, is a fine entertainer and keeps the plebs at bay with his populist rhetoric. But at the end of the day, the show must go on and lower wages must be enjoyed in this very productive and splendid world.
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The game continues. “Let’s keep suckering the weak hands to buy more FAANG so we can off-load more stock.” It’s getting ridiculous. We are due for a correction of at least 10% at some point.
…however, I’m not negative on the market or complaining about being up 26% ytd.