This morning, after a strong earnings report from FB, it’s all about the FANGs (FB, AMZN, NFLX, GOOGL), the new “Four Horsemen.” An equal cap weight portfolio started 12/8/2015 is up 5.1% as I write with the S&P up a measly 0.3%. Now that’s narrow. Said portfolio is still, BTW, down 10.7% since inception but who remembers last year anyway?
Durable goods orders down 5%? Who cares? This is the information age! We don’t need stuff, well our phones of course… but everyone already has one of those, so party on!