And nasdaq gained. 18 , how do we keep track of everything . I know one way you shouldnt we dont look at some aggregate tally that tells you 42 of the companies have beaten estimates, or 24 have the guide down. Dont buy, dont buy no, these surveys are useless because who cares if a Company Beats or lowered estimates it doesnt tell us anything. No, no to find out what matters, we need to go company by company. Who doesnt even know that were in a tough environment because there business is in such good shape . Lets call that one a winner who is able to thrive . Who is struggling to hold their own in the worst economy in two years . s in trouble . Who is in much better shape than you expect thanks to savvy management these are the real questions, and you cant answer them like saying 47 , you got to do homework so let me give you the scorecard to date. Well start with the joyfully oblivious companies that are oblivious to all the slings and arrows on the economy worldwide, the ones that do
228 points, s p climbing. 67 . Nasdaq gained. 68 house of pleasure. You have to wonder will we get a monster run to dow 30,000 . Is this a total s p 500 jail break . Is the sky the limit thats how i feel after watching hours and hours of tape and marveling that once again we have such broad leadership from the industrials, the airlines, the financials, even the tech stops. This move is eery. Whats driving it . Oh, you know, come out here every night, same as always. Stock shortage, its really been acuteness in the industrials 401 k money being thrown at the market animal spirits a stronger consumer. Tax reform deregulation and a general reevaluation higher for all stocks. Whos doing the leading . Once again, its boeing, its caterpillar, adobe, alphabet, its apple and its netflix. Oh, sure, periodically we have to change things up. Today was all aaang, which is what happens when facebook stumbles so badly it isnt worth the faanging a nic ing acronym. I swear if boeing keeps worrying, yo
What has fueled this thing . We have a bunch of cattles. Lets start with the obvious, the darn thing wont go down. We had a ton of Federal Reserve officials talking about the need to raise rates. Be the market took it like a champ. The s p finishing up for the week. That was a signal. Signal that a rate hike can be handled without too much pain. The house of pain. Another possi of fed guns. Came back this week, and spoke incessantly about rate hikes. Now were rallying, and rallying hard. This market refused to go down on bad news. Something broader than fanning rallies or the minibull markets i talked about every night. Oils not finished going higher. I cant stress enough how important this is. We heard that oil was moving up because of a short squeeze that came out of the canadian wildfires. Production has been cut dramatically. Guess what . The oils back on line, and it didnt matter the price of crude is roaring back. This market has a hard time going down when oils up. The market se
5. 3 . These are the questions dominating the discourse all day. I would put it in perspective, empirically, anecdotally and emotionally. Were in an unusual backdrop. Because the demand for u. S. F z treasuries from overseas, our Interest Rates in this country are much lower than they should be hallelujah unless youre a saver. Youd expect rates to rise. Thats normally what would happen. Treasury yield should be higher, which would drive other rates higher in, again, another normal situation. But were far from normal [ buzz ] Central Banks around the world are debasing their currencies. One third of all government bonds around the world now have negative yields at the moment, meaning if you buy these bonds youll actually lose money. Not here, though. So of course theres a scarcity of u. S. Bonds. Creating lower Interest Rates for all. Foreigners are thrilled to buy our bonds because you can make some money owning them, however meager. We have even more worldwide economic turmoil if they
The dow climbed 110 points. Nasdaq surged 1. 18 to a 15year high so what exact slily is working . Lets look at the stocks that were. They tell the tale of the tape. And lets start with somebody we talked to last night. Start with John Chambers and cisco. If you go back to the 1990s, youll find one tech company that understood the year. It wasnt intel or microsoft. It was cisco. Thats because the iment net was just coming to its own back then. If you were running an enterprise, you wanted to get on the internet or have an internet strategy. You made one phone call. You picked up the phone and called John Chambers ceo cisco. I remember john coming by my hedge fund back then to talk about his stock. Next thing you know, i was a cisco customer. Then i started the street. Com, there wasnt anyone else to turn to because cisco offered a one stop end to end solution to your problems. Whether you were shop with ten people or shop with 10,000 people. Including every major phone company, the real