Tech Stocks Extend Record Winning Streak As Dow Tops 20,700

Overheard everywhere today...

 

Dow, S&P, and Nasdaq all hit fresh record highs today

(as Reuters notes)

The S&P is trading at 17.8 times earnings estimates for the next 12 months, above the long-term average of 15 times, according to Thomson Reuters Datastream.

 

"There is no doubt in anyone's mind that the market has become over-extended and is due for a pullback," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

 

"That said, when you have this kind of momentum, it is very hard to sit on the sidelines."

This is the 14th straight day of gains for the S&P 500 Tech sector... an all-time record...

 

And is the most overbought in history...

 

The S&P 500 has now gone a stunning 50 days without a 1% swing...and 90 days (sine Oct 11) without closing down 1%...

Dow topped 20,700 and while VIX was crushed lower it ended the day higher with stocks - once again very unusual...

 

VIX and Stocks are completely decoupled...

 

Gold remains 2017's winner but the melt-up in stocks is catching up fast...

 

Overnight weakness in Treasuries was well bid during the US day session...

 

The Dollar Index roundtripped from overnight strength intraday...

 

Led by Cable strength...(yest4erday the USd was deastock during the President's Day holiday)

 

The Peso surged below 20/$...

 

Copper and Crude are marginally higher from Friday's close, PMs flat...

 

RBOB ended the day lower below $1.50 and crude rolled over but ended green...