The pace of the advance has slowed, but whatever it was that was bothering the market last week has been totally forgotten.
The fear of slowing economic growth, and a difficult China trade deal, has been replaced with fear of being left out.
Breadth has improved even further and is now running 5,700 gainers to 1,500 decliners. The indices are still well below last year's highs, so the number of stocks at 12-month highs is only around 150, but the FAANG names have the momentum and they are leading the way.
I've not done much new buying today, but one stock I added today was StoneCo, Ltd. (STNE) , which is my Stock of the Week.
StoneCo is a Brazilian e-commerce company that provides "an end-to-end cloud-based technology platform" for merchants and vendors. It is gaining a significant presence in the inefficient Brazilian payment market.
The company serves over 200,000 active clients and is targeting over 8.8 million small and medium-sized businesses in Brazil. It turned profitable in the first half of 2018 and is estimated to grow earnings 150% in 2019, to 80 cents per share.
What is particularly interesting, and helped to move the stock in late February, is that Warren Buffett and Tiger Global bought positions in the fourth quarter. Buffett has seldom shown much interest in technology names other than Apple Inc. (AAPL) , so this helped to send the stock sharply higher.
It is highly unusual for a "Buffett stock" to have the aspects of a momentum stock, but that is the case here.
Technically, the stock has formed a cup-and-handle pattern. It is digesting the big gain that occurred following the Buffett 13g filing and now needs to move through the pivot point around $32. The obvious support is the $24 IPO price.
The stock is up over 8% as I wire and is at a new closing high. It could use a little better volume, but that is an attractive technical pattern as well as an interesting story and will remain on my radar.