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  1. Home
  2. / Investing
  3. / Technology

Markets Get Back to Business as Usual

U.S. stocks move higher after early slip, as investors digest Apple's latest results.
By JAMES "REV SHARK" DEPORRE
Nov 03, 2017 | 12:43 PM EDT
Stocks quotes in this article: AAPL, OLED, GBT, DCIX, STMP, LITE

After all the news events of the last couple days the market is back to business as usual as it slowly but steadily moves back to new all-time highs. There was a slow start as market players digested Apple (AAPL) earnings and the October jobs report, but the dip buyers bought a brief pullback and then walked the indices back to highs.

Despite the recovery, breadth is lagging and is running slightly negative. Also the number of new 12-month highs is sedate -- only about 250 or so. Apple's heavy weighting in the indices is offset by hundreds of other stocks that are not acting nearly as well.

There is feast or famine action in many stock. There are big movers like Universal Display (OLED) , Global Blood (GBT) and Diana Containership (DCIX) but some ugly landmines in names like Stamps.com (STMP) , Lumentum (LITE) and the gold sector.

Mostly what I see out there are market players trying to put money to work and stay invested. It has been absolutely futile trying to time this market so there is little choice but to keep hunting for new entry points. If you are not aggressive at staying invested, you are lagging this market.

I really dislike most historic comparison but I keep having flashbacks to the mood back in 1999-2000. It isn't nearly as giddy and there isn't nearly as much retail involvement but the attitude of 'just buy something' is very prominent. I wouldn't use this sort of anecdotal feeling as a contrary indicator but I can't help but wonder how much longer it will last.

I've bought a few things today but am still trying to put cash to work. This party doesn't look like it is going to end soon.

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At the time of publication, Rev Shark was long GBT.

At the time of publication, Action Alerts PLUS, which Jim Cramer co-manages as a charitable trust, was long AAPL.

TAGS: Investing | U.S. Equity | Technology | Earnings | Stocks

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