BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? The Nasdaq Index was up 47+ points Tuesday. Inquiring minds are asking how many stocks participated in the rally. The answer was 47 (headed into the close). , it pays to be selective. However, after hours Broadcom was down 11% to $37.35 so we may find out Wednesday that semiconductors are no longer positive for the year. Those seven make up 57% of the $SOX index and I see no bargains even after this substantial pullback from the summer highs. Where's the value? I keep waiting for good news to be sold. We have seen bad news finally start to matter in the S&P 500, but good news as in today's Apple earnings has been bought to excess as evidenced by excessively bad breadth. Perhaps Wednesday is the day, perhaps not, but the after hour's indication following Tuesday's narrow rally tech love fest are pointing that direction. Earnings for the quarter ended Sept. 30 skyrocketed to $80 million, or 19 cents per share, from $19 million, or 5 cents per share, during the same period last year. Revenue climbed 41 percent to $3.26 billion from $2.31 billion in the year-ago quarter. Analysts had predicted $3.14 billion in sales. Shares of Amazon. com fell $9.30, or 9.3 percent, to $91.52 in after-hours electronic trading, after adding $9.53, or 10.4 percent, to close at $100.82 Tuesday. Nasdaq index buyers are dancing the same tune as Citigroup (C) CEO chuck prince who right before the mammoth SIV problem started last summer stated “ When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing Buyers escaping the mess in financials are now rushing head over heels into the Nasdaq Index without bothering to see what the risks are in technology. For more on this idea see Todd's post Reminiscent of Spring 2000, the Nasdaq index is once again priced for perfection. One thing is certain: Perfection Can't Last. This post was written very early in the morning. As of 11:00 AM Wednesday, almost off all the Google lovefest has been given back. The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.