Crypto market cap is $511 billion this morning and people long Bitcoin cash and Bitcoin gold are 20% better than they were yesterday. You just know the valuation is going to $1 trillion. Believe me, I know a thing or two about euphoria and this time isn’t different; but it sure is fun watching this unfold.
At the present, futures are sharply higher and we’re heading towards another leg up in a sea of endless legs up. Sharpe ratios are comfortably above 3 and your advisors are all geniuses, in spite of the fact that they haven’t the slightest idea what they’re doing. Alas, the market is doing it for them and they were patient enough to see it through, so you might as well send them another referral or two.
Meanwhile, here’s some other headlines for this morning’s perusal.
Summary of current Conference Committee tax reform bill Part 1 (based on news reports) — Final bill due out Friday — Votes set for next week
Wynn Resorts target raised to $180 from $155 at Barclays
Verizon downgraded to Hold from Buy at HSBC Securities
Micron target raised to $54 from $52 at MKM Partners
Under Armour target raised to $12 from $11 at Deutsche Bank; Sell
Foot Locker target raised to $49 from $45 at Deutsche Bank
First Solar resumed with a Neutral at BofA/Merrill; tgt $70
BioMarin Pharm upgraded to Outperform from Neutral at Wedbush
Spark Therapeutics downgraded to Neutral from Buy at Goldman; tgt lowered to $58 from $106
GW Pharma upgraded to Buy from Neutral at Goldman
Valeant Pharma downgraded to Underweight from Neutral at JP Morgan
lululemon athletica upgraded to Buy from Hold at Deutsche Bank
ConocoPhillips upgraded to Buy from Neutral at Goldman
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It’s fun watching this unfold and it’ll be funner when it folds.
First time I ever agreed with Sac