This is correct, and I stand by that, just hasn't happened yet. I would call that $400 increase a collaborated pump of a cult ticker symbol. By everyone lol. Individuals, banks, fund managers, news outlets, etc. Thus 'cult'.
I left all mutual funds a few weeks before I made that statement & am delighted I did. Most are down 20-30% (or were, certainly has recovered some short term though that may reverse again quite soon, to be determined!!).
Earnings coming up may be good, I can understand the sentiment of that being the case, but I also think spending has contracted significantly. And I just don't understand, ever, a PE of 90 in a climate like this. Or a book of 18. In a major bull market, perhaps, for a short time. But not now.
I see looming legal problems.
The only conspiracy theory is the richest man in the world running the biggest company in the world with many questionable ethics, including the wsj story yesterday about lying to congress. Most papers today are dirt sheets (that's a wrestling term) but I actually trust wsj quite a bit.
There's other problems as well, with taxes, shipping practices, labor practices, and legally, and I see govt potentially taking significant action that severely changes the landscape.
But that's just my take/opinion.
And if I'm wrong I'll come back and say so next quarter.
But in general I think markets are cooked again, and while this ticker held up quite well the first time, I don't think it will the second go round.
