It has been borderline feasible to get a correction for weeks, and consistently at least a number of prominent institutions or analysts have regularly warned of this. I've pointed-out they have a different frustration: excessive negativity. Certainly we've highlighted a couple of interest specs that almost instantly just became pricey market front-runners, to an extent frustrated to have identified several that seemed well-priced and then went on to 'even higher' levels.
But all of this just reflects the disconnect, with 'trend-following' money paying up for the 'what's works' stocks, and ignoring the rest. Or until they're in-play. On the upside you have stocks like Moderna (MRNA) (that I thought expensive at 65), and it's way higher. Or Luminar (LAZR) (that I thought a speculative risk worth taking for some traders at 10 and 13 or even 15's as a 'SPAC', but not now that it ran to 40 on a slew of hype), or Velodyne Lidar (VLDR) (that I spoke of late last week as more of a value-play for Lidar than Luminar which is sort of discounting years ahead by comparison), but even VLDR took-off today. (If you got either great.)
And sure, all that is 'froth', but also it's sudden recognition. The media pundits like Luminar better than Velodyne, but at the same time I viewed the latter as having less relative risk, but at the moment all are catching strong bids. Even often quiet LightPath (LPTH) suddenly springing to life, as I have been suspecting it would after consolidating (if it behaves like others, I guess it will be in the high 3's or 4's before long at this pace). Today was over a million shares in LPTH, that's the second high (for it) volume in two weeks. Might be starting a run-up.
Now there are exceptions to the 'too high' argument, which should correct, but not tank. One might be Apple (AAPL), which is doing better than generally accepted, as well as effectively becoming a leader in processors with the M1 (which is a reason for Intel's decline, although the coming of more-powerful processors in the 'M' category of ARMS-licensed Apple silicon, was already known). For yet another similar situation our Advanced Micro Devices (AMD). AMD was our 2019 pick of the year, from right before Christmas of 2018 at 16-17, but alerted as a prospect months earlier from IFA (tech show) in Berlin which I saw their new capabilities. So now it's in the 90's, our extended target. But of all the big-caps it remains in a good position to move even higher in 2021.
If you have both a resurgence in those techs that really are doing well, and an increase in new technology (or companies properly focused on modern shifts, as they realign their businesses to be on the right footing) you get corrections, from time-to-time, but not catastrophes, and that's been my contention.
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