I guess the Dow 20,000 party hats will have to be put away over the weekend as the talking heads on 'bubblevision' didn't get to breathlessly exult over that meaningless milestone, at least for this week.
But next week I'm sure the hats will be out once again while the same folks begin hyperventilating about Dow 20k and how overvalued the markets are as a result.
For the week, mega-cap growth stocks remain mostly disliked -- or maybe secretly liked but definitely not talked about in public -- which could explain the dirt-poor action in these names. Or it could be that with everyone and their dog expecting a rally in mega- and large-cap growth, it became the crowded trade.
The answer may become clearer in techland next week before we go into the three-day Santa Claus weekend.
This week was mostly about the Federal Reserve, and after all the hoopla, it turned out to be much ado about nothing. The FOMC raised rates by a quarter basis point and the dot plot showed that it is thinking three more hikes would be just the ticket for 2017. A change in that is an almost certainty given the economic data we will see between now and the time for the next rate hike (or cut).
In terms of the big Trump Tech Summit, that, too, turned out to be just as I have talked about since the beat-down in tech stocks after Donald Trump was elected president. The nabobs of Silicon Valley marched into Trump Tower and both sides made nice with each other with the PEOTUS actually reminding the guests that he was just a phone call away and that, not only was he available to take the best technology companies in the world to loftier heights, but so were senior members of his team.
Still, tech stocks did nothing but go down since the big meeting, which is an indication of the aforementioned crowded trade as far as I am concerned.
Moving onto the week ahead, the first thing we have to thank Santa for is that there aren't any scheduled speeches from members of the Fed. However, that is not to say that we will have any respite from the gobs of data that we have to contend with every week, from both the U.S. and internationally.
On the earnings front, BlackBerry (BBRY) is set to report its quarterly earnings before the opening bell Tuesday, and Accenture ACN before the market open and Micron Technology (MU) and Red Hat (RHT) after the close Wednesday. The rest of the week is free from major techland earnings. And as always, there are a handful of non-tech earrings scheduled throughout the week -- this time from the likes of General Mills (GIS) , and Bed Bath & Beyond (BBBY) , among others.
On the lighter side:
"Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway."
With that, I wish each and every one of you a safe and joyful weekend with your loved ones.