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Although it’s getting rather tedious, the market activity was the same Tuesday as it was (checks notes) the past 666 days in a row: semiconductors blasting higher to insane heights, compelling tech indexes to never-before-seen levels. The NASDAQ Composite managed, over the past week, to once again equal its May 14th apex.
If all goes as planned, in three weeks, SpaceX will be public under the ticker SPCX. I’ll say it every time: bear though I may be, I am cheering for SpaceX, since its success is a direct benefit to the Knight clan. Having said that, I would like to caution you that the most recent hot IPO, semiconductor maker Cerebras, had a crazy-hot offering (triple-digit gain the first day) and has been coughing up blood ever since.
Just sayin’.
Here is one portfolio of the eight short sales which survived this absolute blow torch of a market (with the S&P 500 up eight weeks in a row).
We start with Centene, which has completed a huge rally back up to a massive topping pattern.
Below are six cash indexes that I find somewhat interesting in this record-high market of ours. First, we have the NASDAQ Composite, which didn’t draw any benefit from Nvidia’s ho-hum performance after earnings this week. This has not achieved new highs, and it continues to be priced for perfection.
Sandisk (SNDK) moved a modest +5,000% in a year’s time. There have been a series of basing patterns along the way, but I’ve got to say, the most recent one is awfully puny. Unless it breaks out above this little dish with some real gusto, this stock might get its first downdraft in human history. With a P/E of 54, it’s pretty much priced for perfection and endless growth at these levels.
