Despite the Dow’s 800 plus point move up today several overvalued names fell, which was interesting: falls in SHOP -1%, PTON -4%, BYND -2%, OKTA -3% and ZM -1% attracted my attention.
GM was up over 4% while FCAU was up 5% but TSLA was up a less robust 2% despite NIO’s -6% fall today.
Although oil continues to rise, the FANG names, save for AAPL, looked stalled for the week while some names looked to be topping out. In brief, maybe euphoria is not infinite and more flows are going into less overvalued names.
For a market rising only on extraordinarily large stimulus would not signs of recovery not mean less stimulus should be expected?
Felix qui nihil debet 