Anyone following the minute by minute news about the spread of the coronavirus is very much aware of the closures and cancellations of conferences, resorts, Broadway theaters, flights from Europe and cruises. Investors may be trying to decide if this is just a temporary hit to revenue and earnings or a more permanent "new normal". That is above my pay grade so let's just look at the charts of Royal Caribbean Cruises (RCL) .
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Plus, the market has bad breadth and PC and operating system makers should benefit from virus-inspired home-based schooling.
While valuations still aren't as high as they got in 2000, a lot of recent investor behavior feels very familiar.
The market can continue this way for a long time, and that would be bearish. It's also one of three paths I see it going from here.
The close Thursday was not as strong as on Wednesday, but it was a decent bounce on the Nasdaq. Let's dig in.