Icarus Rally

This is the end of day market report for February 7th, 2024:

Robo market continued higher today as the magical 5,000 level on the S&P 500 has become the critical magnet for Icarus market.

NYCB started the day negative but then bounced on short covering.

The "Magnificent 7" Tech stocks are now being called the "Fantastic 4", as Apple, Tesla and Google are now being shunned from the list. Especially Tesla which is officially no longer magnificent:

"Like Tesla, Eli Lilly has benefited from mass-culture hype that has propelled it to trade at valuations way beyond what is normal for sector peers"

FR: According to the Wall Street Journal, nothing warrants a seat at the big table more than mass-culture hype and excessive valuation.

I would point out that Tesla's glue sniffing all time high in 2021 was the all time high for the market at that time.

As we see below, breadth as measured by the average stock, has in no way improved during this Icarus rally.

And yet, bulls are confident this will be the rally that continues.

In the Icarus Rally Go Daddy is a safe haven from bank meltdown.

For those who like to play the odds, I would point out that February has been the locus of crash every year for the past four years.