Morning Market Look: The Love Dove Speaks


Janet “the love dove” Yellen gets confirmed today, and will probably talk about how she will pump laughing gas into the economy for the foreseeable eternity. No inflation and no real jobs, how could she not?  The market will look for any reason to add to gains and this appearance may be the ticket.

Momentum names like $LNKD, $YY, $PCLN, $Z and many others came back to life yesterday. Funny how momentum stocks are the first thing they dump on fear and the first thing they buy when things get happy. Hence, momentum.

Snapchat, a social media service run by a pair of 20-somethings who until last month worked out of a beachfront bungalow in Venice, California, rejected a $3 offer from $FB. So two ex Stanford boys are holding out for higher prices. Two guys…..$3billion. If I created a disintegrating image service  and was offered $3B I’d hop in my burning Tesla and go straight to the bank. They aren’t dumb, so they just must have giant balls.

Some biotech stocks like $JAZZ and $PCYC came back to life yesterday. $CSCO screwed the pooch and is leaning on Nazzy futures right now.

The art market is ballistic and is in its own bubble. A Warhol painting called the “Silver Car Crash” (a dead lifeless body in a car crash) sold for $105 million, the most ever paid for a pop artist.

Should be an interesting day. Good trading.

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