Dow and S&P Make New Highs, Growth/FAANG Retreat Fri.

The S&P 500 closed last Friday at 3,841.94 and closed at new high of 3,943.23 this afternoon. This is a gain of 2.5% from last Friday, but it’s significantly higher than the bottom experienced in the wake of the mini-tantrum associated with Fed Chairman Powell’s comments last week. Encouragingly, vaccine progress has been increasing and President Biden suggested a return to normalcy by the 4th of July is possible. Re-opening is the word of the day. Epicenter stocks and sectors did more than just hold their battlements in the recent turmoil, they gained.

Look, it may sound like touting are own horn which is unbecoming, but we’d like to as humbly as possible point out that our Head of Research Tom Lee once again called a bottom in the height of market-fear within hours. Re-check your email from last Friday and you’ll see that our intraday flashes are pure gold! Oops, that’s pretty passe’, we meant pure Bitcoin, which was north of $57k at close!

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