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Tractor Beam Back in Action
Daily Rap 08-12-2025
Today's data du jour, the CPI, was about in line with expectations, but it didn't seem to have much impact on trading. The indices were about 0.5% higher within the first hour, and as of a couple of hours to go, when I had to leave, had gained 1%.
Away from stocks, green paper was weaker, as was fixed income. The metals were up, with silver gaining 1% and gold losing about $7 while the miners were a little lower. Folks should check all the box scores, as things could have changed a fair bit in the last couple hours.
Last year's posts for Ask Fleck
Q: Hi Bill,
An email came in from a sell-side broker this morning informing me that NVDA is now the largest single-stock weight in the S&P in history at 8.2%. Feels dangerous.
Thank you for the daily dose of sanity :-)
Fleck: In and of itself it won't matter much, as long as things hold together. But eventually it will be a big problem. When, I can't say, however.
(posted: 8/11/2025)
Q: Bill:
A subscriber in today's Ask Fleck mentioned five stocks and asked if you would add them to your "never ever" list. One was WPM, which you said was a possible.
As a shareholder I would very much appreciate your take on WPM. It's been a nice performer as of late.....but is it time to exit? Previously I've left B and EQX on your recommendation - and glad I did.
Thanks again,
Fleck: I just never owned it. It was always too expensive for me. Sorry, I have no opinion on it, as I don't know it well and never owned it.
(posted: 8/11/2025)
Q: Dialogue between Mr. Skin and Fleck regarding PCT and the stock market:
Mr. Skin: You might want to check out YouTube "Corporate Decoder" for the recent weakness in the stock. It was posted yesterday. I don't have a position in the stock (PCT) but have been following your discussions over the past year.
Fleck: I listened. FWIW, this guy knows nothing about the business/industry. He was almost embarrassingly uninformed.
Mr. Skin: I mentioned it because it seemed like it had a negative influence on some weak hands. After all, isn't our so-called "stock market" merely a giant casino, controlled by non-sentient beings, propelled by manipulated headline hype, and completely divorced from anything that might make sense to us old timers who remember what a real market should look like.
I saw a recent "scholarly tome" that said we were in a new era and subsequently much higher "valuations" had become permanent. SPX "new normal" P/E should average 30 as compared to the "old" norm of 15 (plus or minus). AND, because "technology" would always be resistant to any downward influences.
With the Fed's THIRD mandate (prevent stock market declines) combined with the permanent inflow of retirement money (passive bid), there was simply no way the market could go down. Seems like I've heard that same sort of BS many times.
Fleck: PCT does trade squirrely, and that nonsense may have mattered for sure. Sounds like we have reached a new "permanent high plateau"...hmmmmm, how did that work out last time???
Fleck: See above.
(posted: 8/11/2025)
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