Where do stocks want to go? How high will they travel? What do they have in mind? A monster run to Dow 30,000? A veritable S&P 500 jailbreak?
That's how I feel after watching hours and hours of tape and marveling that, once again, we can be led by the industrials, the technology stocks, the airlines and the financials.
It's eerie, this move, a veritable cavalcade of greatness unlike any I have ever seen.
What's driving it? Same as always, a stock shortage, 401k money, animal spirits, a stronger consumer, tax reform, deregulation and total and complete revaluation higher. Who's doing the leading? Once again it's Boeing (BA) , Caterpillar (CAT) , Adobe (ADBE) , Alphabet (GOOGL) , Apple (AAPL) , and Netflix (NFLX) .
Oh, sure, periodically we have to change things up. Today was all ANG, what happens when Facebook (FB) stumbles so badly that it isn't worthy of the acronym. I swear if Boeing keeps going higher we're going to have to change this shorthand to BANG.
Facebook's crime? It wanted to improve the user experience and get rid of intrusive news, a two-bird killer because CEO Mark Zuckerberg doesn't want his flagship site to be stale and he wants to keep out the regulators who might deem Facebook fake news.
Can it be bought on the weakness? My take? On Tuesday afternoon, most likely, yes. That's because by that point we will catch some more downgrades -- we only had time for one, a Stifel hammer -- and others are going to have to take a crack at this suddenly piñata of a name.
On the flipside, there are the spectacular earnings of JP Morgan (JPM) which propelled the world's largest bank's stock to all-time highs. We were concerned that the company's numbers would look convoluted which is exactly what happened as the stock seesawed between the red and the black for the first portion of the session before breaking out as investors married the present, better loan growth, better net interest margin, with the future, more buybacks, more dividends and more aggressive corporate finance.
I guess you could say I like them both.