Well, there we have it. The ETF symbol XLK has pushed to lifetime highs, aided by the relentless ascent of, well, just about everything.
The semiconductor fund SMH is at the cusp of beating its former “lower high” as well as breaking above its trendline, busting the brief bout with bearishness in that sector.
One good example of how entrenched the mania is can be seen with Palantir (PLTR) whose P/E of nearly 600 is no obstacle to the price going up to a lifetime high on a nearly daily basis.
I’ll level with ya: I’m so disgusted with the entire affair that, of my four portfolios, I went to 100% cash a week ago in one, 100% cash in another this morning, and have the other two at about 50% cash. In other words, of the four towels I own, I’ve thrown two of them into the ring and it won’t take much more for them to dispense with the other two.
This is simply ridiculous.
