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FANG Fires Back

Daily Rap 06-19-2017

The market bolted out of the starting gate and by midday the Dow and S&P had gained 0.5%. The Nasdaq was another story, as it gained more than 1%, with the FANG stocks on fire, which were joined by chip stocks and various and sundry other tech names. In the afternoon, the Nasdaq tacked on another 0.5% while the Dow/S&P gained less.

The Moment of Tooth It would appear that a large contingent of speculators is happily buying the dip created by the huge FANG reversal on June 9. This is a good thing, in that we will soon get a data point to find out whether the that group of stocks is going to fail at their previous highs or take those highs out and most likely surge higher. I lean toward the former, but that is not going to surprise anyone. Regardless, none...more

Last year's posts for Ask Fleck

Q: Call me paranoid, but I feel Yellin wishes Trump ill will. After all, he is going to fire her inFeb.2018. This is a woman who sees the same frail economy as we all do. She reads the same reports we do. The Donald ranted during his campaign that rates are artificially too low. So I think she is giving him what he campaigned on and going against her better judgement and raising into an weak economy. But other then services,I don`t see inflation either. Color us Japan. Lower rates for longer then imaginable. Janet is sabotaging the Donald. Am I too paranoid? If I`m right, Gold will shine sooner rather then later.

Fleck: She probably doesn't like Trump, but she has misread the economy for ages. What's new?
(posted: 6/16/2017)

Q: Bill,
I cant help but notice most of your readers are very motivated to short of buy puts on all the stocks we know are absurdly valued. shorting and buying puts on those names is expensive and with the high short interest may not drop as prescribed. I am looking at names like Kroger which had extremely cheap options. Even Campbell soup trades at 35X. These make more sense to me given the option premiums.

Fleck: I think perhaps you are overgeneralizing based on a small sample set, but, yes, some premiums are quite large, even with a low VIX.
(posted: 6/16/2017)

Q: Shares of Amazon, up $31/share,adds roughly $15.2-billion in additional market-cap. This is the equivalent of 38-years’ worth of profits that the current Whole Foods earns based on its last quarter’s net income of $99-million. There’s some real life momentum, algorithmic variety of price discovery for ya.

Fleck: And they are paying about 14 billion using borrowed money, so now it's like from a market cap standpoint they got it for free. :)
(posted: 6/16/2017)

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