Fly me to the moon
Let me play among the stars
Let me see what spring is like
on a, Jupiter and Mars
In other words, hold my hand
in other words, baby, kiss me

-Frank Sinatra

The technology moonshot keeps going and going, living up the fanciful lyrics to the Frank Sinatra classic “Fly Me to the Moon.”

Yesterday, late buying lifted the S&P 500 to a new all-time high; it was all about the NASDAQ Composite Index that surged to another record high carried by the usual suspects. The virtuous cycle of these tech names has indeed created the perfect storm.  The higher the rally, the more big money managers must step up and own these names.

Already, the institutional ownership of these names is significant:

• 70% (GOOGL) Google
• 71% (FB)  Facebook
• 64% (AMZN) Amazon
• 61 %(APPL) Apple

Market winners continue to mask anxiety in the market as there were 40% more losers than winners on the NASDAQ and the NYSE; the volume was even more lopsided. The big money managers can continue to chase performance, but they are spying fresh ideas as any other investor.

The Coiled Blue Chips

The Dow Jones Industrial Average eked out a small gain after seesawing most of the session. The Blue Chip Index is becoming a coiled spring, ready to leap with the right catalyst; one catalyst could be establishing new highs. 

It’s a proven fact that new highs beget new highs; the challenge for the Dow is not forming a double top, and then retracing.

DJIA

With the so-called “fear index” near an all-time low point, many purists are saying there is too much complacence.  Of course, the purists have been saying this for years. I’ve never been a big fan of the index, but you’ll hear how this is a red flag- it’s not. 

Current Summary

S&P 500

• 14^th new all-time high since inauguration
• 23^nd new all-time high since Election Day

NASDAQ

• 23^nd new all-time high since inauguration
• 37^th new all-time high since Election Day

Today’s Session

The major indices are relatively flat with a slight positive bias.  The earnings parade continues as does Fed speak from several members.