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Nasdaq Lurches Higher
Daily Rap 11-24-2014
The stock market was on automatic pilot once again, and thus modestly higher today, though the Nasdaq gained 1% (led by the momentum names).
Away from stocks, green paper was weak, ex the yen, which saw a small bounce. Oil lost 1%, fixed income was slightly higher, and the metals were mixed, with silver slightly higher and gold lower.
If You Can't Say Anything Nice…
Regretfully, there is even less to say right now than there was in August when I wrote some of my shortest columns ever. Stocks are being kited higher every day and will continue to be, I suppose, until they exhaust themselves. Whether that's at year-end, before, or after, I don't know.
I remain convinced that without the Fed's QE, at some point the stock market is going to crack. But...more
Last year's posts for Ask Fleck
Q: Your time to beat the drum has FINALLY come Bill. 14 years of money printing insanity has come to a close this morning on an exhaustion gap up....
Its time to get excited and possibly scared at the same time :)
Can't wait to see how this disaster is going to unfold
Fleck: I hope you are right, but unless this gap turns into an island reversal I sure don't see any signs to suggest today is the top.
Q: It just amazes me how massive the market capitalizations are on a tremendous number of obscure companies! I remember looking at the same metric in 1998/99 and wondering if there would always be enough liquidity at the margin of the market to support all the high market caps?
Any idea how many US companies now sport an $80 billion or greater market capitalization?
Fleck: No, I don't, but they won't be able to once the market exhausts itself.
Q: Bill: re Japan. Ubiquitous media reports now claim that many foreign investors are now bullish on the Nikkei. Won't US investors find out the hard way that 'gains' on Japanese stocks will be washed out by the declining yen? It seems kinda obvious, unless the bulls believe that the Japanese economy, all of a sudden, will begin to grow rapidly. Aside from recent media hype, have Japan's prospects changed for the better?
Fleck: No, they haven't, but Japan stock bulls can short the yen if that concerns them.
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