Small-caps and tech came back with a vengeance, then oil and commodities joined the party. The FOMC interest rate decision was greeted with a yawn but the key take away is the Fed will keep on running its dollar printing press. We got the typically round number hype on CNBC this morning. Off the top of my head round numbers like DOW 12000 never stopped the bulls. We often pull back for a brief time when we hit round number resistance and post FOMC but the bulls should mount another run that close well over.
MOMO is back today and finally some high beta name getting some love after hours. Good revenue/margin acceleration at NFLX and monster quarter with good guidance for the entire year from Qualcomm, who is no long laying eggs after that ATHR acquisition, are both up big. No wonder the QQQQ and SMH had being on fire for the whole past year. Are we in an Internet/Wireless 2.0 kind of moment when all the potentials are getting unlocked with smartphones, tablets, and the way information are being disseminated? The old Wintel monopoly is being turned upside down.
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