We've got some real quiet rallies going and they are incredibly impressive, even as I expect them to be tested every day including today, when the futures are leaning against the bull. You know, I went to Hawaii for vacation and I heard Mark Zuckerberg was around.
I watched the stock trade down to $115 for the third straight time, and while my charitable trust owns it, my conviction level started waning the more I heard islanders saying he wasn't engaged.
I bet with the stock up here at $127 they would be saying he is more engaged than ever. What's incredible here is that when Facebook was in the $120s before, we were all worried about out-of-control costs and a slowdown and the need not to load up pages with what makes the stock worth investing in: ads.
Now, though, I don't hear a word about it. I just watch the stock gallop up as if there's someone trying to buy a billion shares and there's nothing for sale.
Have you seen Salesforce.com (CRM) lately? This is another company that reported a stellar quarter and saw it stock leap up to $77 before being hammered right back to $68 without a peep of why. It stayed down there, too, even though the quarter was among the best of the software companies I follow. Now it's climbing back on nothing -- no pushing, no news flow, almost levitating.
Post the election, Alphabet (GOOGL) seemed a little forlorn. It flopped from $811 down to $753 with a defense being made. Lately, though, as it disposes of what were sure money losing business lines, the stock's been on a real tear to $829. It makes sense. The big issue with Alphabet has been how poorly the other bets have performed. Now, they weren't supposed to do anything to help the cause in a short period of time, but at a certain moment it's not a short period, and we have crossed that Rubicon. Someone, perhaps Ruth Porat, got religion? Acts that way.
Did you see Amazon's (AMZN) stealth run to $799? Was there ever a stock more likely to go to $800 than this one? That new credit card is going to get even more people involved in the brick and mortar, killing Prime. What I like about the run, though, is that Amazon hasn't been sponsored here by the usual gang of survey-touting gurus who give you a new reason to buy it every other day. This one's going up because, as I used to say at my old hedge fund, it has to get where it has to go.
The interesting thing about Amazon this quarter is that we know it's a spend moment, one of those times where Amazon is shelling out a lot of capital to be able to grow its business. It's not a harvest year, it's an investment year. Usually, that's the kiss of death. Not now, though.
There are so many tech stars here. I am seeing Microsoft (MSFT) starting to break out. Same with Adobe (ADBE) . Workday (WDAY) wins that big Walmart (WMT) contract. Splunk (SPLK) and ServiceNow (NOW) act like they did a couple of years ago before we soured on the cloud.
They all feel like they can go higher, given that there's more business formation, economic activity is picking up and contracts seem to be closing again.
We know it is all too good to be true. We know it is the "sugar" high, as these prognosticators keep saying. Pardon me, though, if I point out how good sugar tastes, and if you wanted to you could sell a million shares of any of these stocks right now and ring the register. No one is keeping you from doing so, except the people hell-bent on keeping you out of a very real tech rally.