The DC Today - Thursday, February 22, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 22 February 2024
⏱️ 7 minutes
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Summary
Today's Post - https://bahnsen.co/3OUiHEJ
A big rally day today across the board, but particularly in technology stocks primarily fueled by AI euphoria. I honestly, can’t remember a time when the point move in the Nasdaq was almost on par with that of the Dow, up X and X respectively in what is more and more feeling like 1999. Japan however, is feeling more and more like 1989, closing at an all time high today surpassing its market peak of 12/12/1989, about a month after the fall of the Berlin wall when instead of trading stocks I was trading baseball cards. You read that right, it has taken the Nikkei 34 years to regain a new height following of the largest asset bubbles in the modern era. Do valuations matter? Yes, indeed they do.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:13.4 | Good evening. Welcome to DC today. It is Thursday, February 22nd. Great to be with you all. And on this nice kind of big rally day in the market, |
| 0:24.2 | which is great to see now and again. You had the Dow actually was up 456 points. And I don't remember a |
| 0:32.4 | time when the NASDAQ point gain was basically the same as the Dow. |
| 0:38.3 | The NASDAQ was up 460 points. |
| 0:41.3 | So they almost were up the same, even though one of them is in the 38,000 range. |
| 0:45.4 | And one of them is about a third, a little more than half or sorry, a little more than a third of that. |
| 0:50.6 | So big day in markets, obviously NASDAQ was at 3% and the reason was driven by |
| 0:56.3 | euphoria in artificial intelligence and generative AI. And so this space in the market is driving |
| 1:03.1 | a lot of attention. And there was a big earnings out from NVIDio, which is one of the lead |
| 1:07.8 | chip makers in that space yesterday that I mentioned in DC today, |
| 1:12.1 | but the stock opened today and traded well all day, frankly, it beat, but it didn't beat by |
| 1:17.8 | as much as some had hoped. So I was curious to see if the thing would actually close as good |
| 1:23.5 | as it traded, and it certainly did on the day. And I think a lot of that enthusiasm and what I've called some euphoria in tech in general |
| 1:30.8 | is just running through markets. |
| 1:32.6 | And so it's just feeling more and more to me like 1999. |
| 1:37.6 | This is what we dealt with back then. |
| 1:39.8 | Obviously, it was a long time ago. |
| 1:41.4 | I'm not saying that in Nvidia, these great companies are going anywhere. |
| 1:45.3 | There's a lot of what happened in the late 90s with the internet stocks. Think of heads.com or |
| 1:51.1 | web van, you know, these big, you know, very successful from a stock perspective and valuation perspective, |
| 1:58.4 | companies end up going to zero. So that's not what I'm saying. I'm just saying that valuations are very, very stretched. They're very expensive. There's a lot of euphoria in that space, and it's just driving markets. And at some point, these valuations are going to matter a whole lot. We didn't see that today. So again, it feels like 99. And interestingly and coincidentally, with a big rally day, you actually had another market |
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