Win streak. Data coming out as well. Ibm kicking off its investor day. Ceo ginny rometty. An exclusive interview. Net neutrality, the fcc taking up what has become a contentious issue. But waiting on important details for Internet Companies like google and netflix still to be determined. First up wall street digesting Economic Data ahead of the opening bell. Consumer prices down. 7. Strip out food and Energy Prices up. 2. Durables nice, above expectations, above 2. 8. Weekly jobless claims jumped to 313,000. Dow closed at record high. Nasdaq ended the tensession winning streak. Within a stones throw of 5,000. A level at which its closed only two times in history. Take it out today because theres a lot of good chatter in individual tech names. I would tell you we had a gauntlet this morning with the runthrough. When you get through a gauntlet nothing that is earth shaking, whether claims durables, inflation. Ive got nothing earth shaking. I dont feel its going to do anything other than
In an aggressive and, yes, as always unforgiving fashion. Which is how you could have the averages all over the place with the dow climbing 118 points. The s p advancing 5. 6 . And the nasdaq falling. 32 . First camp is the nasdaq camp. Those who have partied like its 1999 and now its the equivalent of the dreaded year 2000 for tech and they want to leave this party as fast as they can. Those are the people who made a ton of money last year and this year playing momentum in the internet and the cloud, biotech, sbr, as the service stocks, now formally renamed as software as a disservice to your portfolio. Or sad. These managers now fear giving it all back. And one of candidly the most vicious selling tsunamis ive ever seen. Im including the shareholders of almost all the companies that have come public this year too, which in retrospect are proving to be en masse ridiculously overvalued. The second camp, those who are taking their cue from the data, the robust jobs report, the Federal R