Umm…Say What Now? – The Nasdaq is now in positive territory for the year. The more concentrated NDX100 went above the ‘high-water’ mark on Monday and has only added to it since. Of course, FAAN(M)G along with Tesla make up nearly 50% of the QQQs and their runs has been well-documented. Where has this money been coming from? Value names have yet to grab the conch, with large-cap and more notably small-cap value names still deep in the red YTD. Companies that have been neatly placed for this sort of event, Peloton (+16.7%), Paypal (+13%), and Fortinet (+20%) will only have investors more in need to chase performance. Meanwhile, Apple and Microsoft are bigger than the EuroStoxx 50.
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