High multiple heaven! It is incredible how the growth guys only like to buy when the stocks are flying. Nothing new there. But look at the moves in Google (GOOG), Starbucks (SBUX), lululemon athletica (LULU)and Amazon (AMZN). They are breathtaking.
Away from those, you have to be stunned by the transports. FedEx (FDX) is indeed going all the way back to where it was when it disappointed. The rails are up despite Raymond James going all dire on coal.
But you have to admit that it is incredible. It's as if the technical damage didn't matter and all that had to happen was that a palatable number be printed. It was and that was enough.