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PREV (the Matrix)
The technology rich Nasdaq 100 closed at new highs yesterday, as Apple announced more store closings. The online customer is fine, or at least the reallocation of old-school industrial to high technology stocks remains unperturbed.
The rally will also gain fuel from today's employment numbers. Bulls run wild with anything, but labor numbers are lagging and often heavily revised in the future. Expect revisions to be numerous as statistical techniques such as seasonal adjustments and the birth death model have been turned upside down in 2020.
Sentiment continues to be bearish, which subscribes knows is bullish. The large bearish sentiment has been fueling the short-covering rally. US stocks would be more vulnerable if investors weren't so bearish.
Can 5-10 large big cap technology stocks carry the market higher? We'll see. The last time the technology stocks outperformed the broader market by such a wide range was the dot.com bubble that clearly ended in tears.
Nasdaq 100 vs Russell 2000
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