Friends
It’s a battle between Tesla and Apple to see which stock can get more ridiculously overbought. That’s not a comment on the companies themselves. They are fine companies and make great products. But, Tesla’s market cap is now more than 4 times bigger than all the other auto makers combined. And Apple, which use to trade like a value stock now is on a run that leaves even old guys like me flabbergasted. This is not new. We know that just a handful of stocks have carried the market averages higher in the past few months, but we are starting to see some exaggerated action in recent days.
Nevertheless, for the day the market averages moved higher. By the close, the Dow Jones Industrial Average was up 190 points to finish the day at 27,930. The S&P 500 was up 11 points to close at 3,397. The Nasdaq Composite Index was up 46 points to close at 11,311. Gold was down $2 to trade at $1,944 per ounce, while oil was down $.54 to trade at $42.28 per barrel WTI.
It was a choppy week, but the bulls gained the high ground by the end of the day and look to still be in a solid position, despite the prices of some of their leaders. We’ll enjoy the gains and be ready to do battle next week.
Have a great weekend everyone.
