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The market had been slowly slipping lower all night until it ripped higher. And why would that be? Because NYCB didn’t go bankrupt. That’s the big news. A bank was supposed to die, but it’s not dead yet. That’s why people are celebrating and pushing stocks from insanely overvalued to super-duper insanely overvalued.
For a long time now, I’ve been able to shrug off the bull market based on the fact that the very long-term charts, including ratio charts, were topping out. I’m afraid even these long-term charts are breaking out to the upside. I’m not sure what this means. Maybe 100,000 is on the way for the Dow Industrials after all.
Although I don’t hang out in the comments section much, I always read the most popular comments each evening from the Daily Digest. I noticed that tonight, far and away the most like comment was from Arizona Slim, the elder statesman of Slope.
Just in case equity bulls didn’t’ have enough good news, Super Micro (SMCI) announced after the close on Monday, and it did not disappoint:
Yep, Nvidia. That’s then return on the stock. At this point, why not be a billion bucks a share?
Remember, you can always psychologically torture yourself on the Woulda Shoulda Coulda page, which can tell you, for instance, a mere $10,000 in NVDA would be worth about $17 million now.
