Speaking of which...
The count is still intact, barely, however, we see four (failed) drives to a new S&P high over the past two months, each terminated by a massive gap open, such as the one from this morning. Each of the prior gaps has been subsequently filled, but we've only seen this movie three times in two months, so how would we know?
Banks gapped up but gave much of it back, for a nice shooting star on the daily...
The real story on the day was the dollar implosion, which was ironically not enjoined by USDJPY which has been trading 1:1 with stocks - leaving that pair in a still precarious position, should JPY join the rest of the world versus $USD:
Dollar ETF
No surprise, rates are in the same position as banks - gapped up, then leaked lower all day...
In the 1990s, the tech implosion leaders were Microsoft, Intel, Dell, and Cisco...
Today, the five horsemen of the new Tech Apocalypse are Apple, Google, Facebook, Amazon, and Microsoft?
Bueller?
"because they are the biggest, you get a disproportionate amount of passively allocated money"
As it was in Y2K, the dumber the money, the bigger the return, right up until the very end...
