Damn, at this speed, it'll land somewhere in Andromeda (wait, is that even a planet?). Looking back, every bubble has started from the missteps made by FOMC and their ilks. With the exception of Volcker, who popped the bubble on purpose, every FOMC chairman screwed up, including the infamous Mr. Irrational Exuberance.
Somewhere back around Mar 26 is when the "patient" finally stabilized. The stairstepping steady bid was omnipresent after more than a month of nothing but erratic accordion style spike and fills. The cynical take was that the market had pressed Powell into giving it everything and the hostage situation had been abated. Yesterday into today could have been lifted from just about any point in the 2016-19 daily drift (Rickshaw Man stuff).
Strong market. Let's hope they don't run it too high prior to the Open. An Open around 2770-80 would be nice for a buy in RTH.
As i suspected after Jnj and Jpm reported . Both less bad than expected . Jnj slashed 2020 est's and its still up nearly $5. Nasdaq only 13% from ath's. Tsla up 100% to near $700 as their factories are shut down.Earning's really don't matter right now . Earnings didn't matter in 2019 as they were flat and we ran 30%. Its money chasing money . people who bought 3 weeks ago are up 50-100% in many stocks. Thats takes 50 yrs in a cd to make and they did it in 3 weeks. Ask yourself why would you not chase? people rewarded for not panicing yet again. AMZN ath's . As i said yesterday traders smelled it . Its psychology . Now people see the former 11 yr darlings re skying( apple,amzn and msft all with $1.1 tril or ore caps again) and feel safe again.
Oh... the stock, my bad. Zoom. The video-conferencing platform. Great range intraday right now. Lots of momo players and lots of shorts. Makes for an excellent trading stock. https://www.bloomberg.com/quote/ZM:US
Ouch. Basic statistical analysis says it's very unlikely we'll trade below yesterday's low today. 2770 is the level to be paying attention to - if we pull back that far. It needs to hold for a run higher, IMO. Failure there sets up a nice swing down into yesterday's range. Maintaining a long bias here, but it's contigent on what will play out after the Open. It may be risky to buy the Open if we open 'too high' and as such it may be worthwhile to wait for a pullback first.