June 3, 2020 | Buy an iPhone to Help Pump the Nasdaq 100

The Nasdaq 100, bloated with helium-inflated FAANG stocks that portfolio managers never sell, appears all but certain to achieve new record highs, probably within the next 2-3 days. With the index trading 250 points lower a week ago, I’d said that a two-day close above 9585 would all but clinch a move to at least 10,575, a Hidden Pivot target derived from the weekly chart of the E-Mini Nasdaq 100. That would be a little more than 8% above the old summit at 9780. The futures have in fact closed decisively above my benchmark as required, hinting of significant buying power remaining to be spent. We will soon be reading about how the relative handful of companies whose shares are responsible for this maniacal rally are going to single-handedly save the day for the global economy. If you are inclined to help make this fatuous prediction come true, I’d suggest using your $1200 check from Trump to buy an iPhone over the weekend.

Rick Ackerman June 3rd, 2020

Posted In: Rick's Picks

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