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S&P 5,000: Mission Accomplished
Daily Rap 02-09-2024

The indices started off a little bit on their back foot, but it didn't take long before the grind higher was underway and the magic S&P 5,000 was overtaken. As of about half an hour to go, when I left, the Nasdaq was in the lead with a gain of more than 1% and the S&P up about half as much. Today even the Russell 2000 kind of joined the party.
"Ghost Rider Requesting a Flyby"
Away from stocks, fixed income was mixed with small changes while green paper was about flat. The metals were interesting in that there was a huge bombing run that took gold off about 0.75% before it rallied to cut the losses roughly in half. It was just fractionally lower when I had to leave, though you might want to check the box scores to see where it finished.
Silver...more
Last year's posts for Ask Fleck
Q: Fleck: I'm flat it until the miners perk up.
What does "flat" mean to you?
Fleck: Flat means no position, i.e., I don't own any EQX, which is what I was asked about.
(posted: 2/9/2024)
Q: No question - just a holy cow it’s way worse than 1999 moment with this WSJ headline:
Sam Altman Seeks Trillions of Dollars to Reshape Business of Chips and AI
Fleck: It kinda is. The Fed has been far crazier for a lot longer (ex the last 15 months) and then there is the passive lunacy.
(posted: 2/9/2024)
Q: Milton Berg posted some "Xeets" about the potential for a stonx turning point. The insanity hurricane is blowing so hard even the flying pig, MU, is stalling out.
What odds would you assign that this bout of speculation breaks down hard soon?
Fleck: Impossible to say. I have no real feel at the moment, nor does anyone I know, and that includes lots of successful investors who have been at this for 30 to 40 years.
(posted: 2/9/2024)
more Ask Fleck...