It’s just breathtaking


content provided with permission by FXStreetRead full post at forexlive.com

I wrote on the weekend about the power of the winning culture in US business and it’s on full display again today. It’s only a 0.3% rise in US stocks but look at this chart of the S&P 500.

SPX daily

At this point it seems poking holes in it is futile. It’s the same thing I’ve been arguing for many months: Stocks can rise on a good economy and if the economy stumbles, there’s a Fed put.

However the moonshots in a couple chip stocks don’t exactly look like a market that’s operating rationally.

ARM holdings

SMCI daily

Of course there is Nvidia today, which is up another $19 to $740 and has passed Amazon in market cap. Hopefully AI delivers on what the market is saying because if it lives up to this kind of hype then it’s heaven-sent.