Stocks finished higher again. Tech stocks jumped higher than ever. All time highs. Tesla broke through $2,000/share. Apple increased its market cap well beyond $2 trillion. It all feels like a growing bubble. Maybe not ready to pop, but growing...
The Democratic Convention ended last night with Joe Biden. All of the commentators talked about how his speech wasn't a "convention" address, it was a "Presidential" address. I agree. His speech was one to try to unify the country. He vowed to represent ALL OF AMERICA, not just his supporters, base, or people who "like" him. Commentators are also saying it was Biden's best speech ever, and it might be, but it wasn't a great delivery. He was clearly reading. He stumbled at times through the words and trying to read or waiting for the prompter. It's fine, I'm not saying the delivery was bad. Just it wasn't the best delivery we've seen this week. Most importantly, I believe that Biden meant what he said. The authenticity came through loud and clear.
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1) Interesting view of jobs data:
2) Credit standards to individuals are tight - a stark contrast to easy conditions for business.
3) Market breadth continues to be at levels seen only at tops. It's not yet as bad as the Tech Bubble, but don't worry - it'll get there.
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A key endorsement came out for Donald Trump. One large enough to sway the election in his favor...
I apologize for being so political lately, but we live in an interconnected world. And politics will affect stock markets. Plus, Donald Trump is a horrible excuse for a President - as much as I hate many of the policies of the Democrats. He just doesn't operate in reality....and that's dangerous.
I continue to begin to believe the next dip will be the buying opportunity before the parabolic move of broader indexes, not just big tech and Tesla. So I'm trying to hold my nose and get a bit less short. But perhaps keep small options positions just in case the dump happens without the vertical top. I covered my Japan short yesterday and am debating whether to fight the good fight with AAPL & TSLA or throw in the towel. It sucks to be early on shorts...makes some tough decisions.
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