Economist macro dude.
How dare they not close this thing at 2000 after getting us all ginned up. Biotech lit it up and the financials added gains and made more new 52 week highs The banks are close to taking out the Sept. 2008 highs. It has taken the banks a long time to play nicely with the other sectors in the sandbox.
As I’ve said before you can’t short the bio’s because a takeout or a drug approval will end your life as you know it. They couldn’t give away the banks when they traded at discounts to book, now they are at book value or above and they jump all over each other to buy them. That’s bull market action.
Technology and the banks look good and we need them to continue to play higher. So far so good. Keep in mind though, that 2000 is an uber hot round number, so we could break higher with a vengeance soon or maybe stall for a while.
I think we could tack on another hundred $SPX points by year end and there are still biotechs that will double between now and then.
Long $ARWR $CELG $GILD $CODE $AAPL $MDVN $NFLX $ACHN and other assorted merry makers.
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