Amazon (AMZN) hitting an all-time high is fitting for a day like today, a monster turnaround day from where the futures started things.
Amazon has been a diffident stock, frankly, one that has truly been taking share in a host of industries in the last six months, but its stock hadn't demonstrated the robust nature of the sales. Today seems like a day where Amazon is getting due, and that's quite bullish.
Similarly, it's a banner day for Facebook (FB): It's the day that FB took out the price that Andrew Left from Citron said "sell it" in a rare valuation call. I have always felt that the psychological onslaught on Facebook, which is part of the Action Alerts PLUS portfolio, has a lot to do with Snapchat's popularity. I think they can coexist.
Needless to say, the bears are in full force on Netflix (NFLX), making negative projections all over the place.
But most encouraging was that Bob Peck put the current zeitgeist of Alphabet (GOOGL) in perspective as it's clear that the stock (another Action Alerts PLUS holding) has digested at least some of the earnings stagnancy.
The big difference with today's rally is that the run in Amazon hasn't included a concomitant attack on retail. That's distinctly good news for the overall market. Of course, the airlines and the banks are still free fire zones and I am sure short sellers everywhere are uniting on an attack of Wells Fargo (WFC) and Citigroup (C) -- two more Action Alerts PLUS holdings -- and JPMorgan Chase (JPM). They're too juicy to ignore. And, some good news for Citron's Left -- Chemours (CC) is totally pathetic.
Facebook/Chemours -- win some, lose some!
