With the US market soaring on the assumption of the debt ceiling can being kicked at least for 'some weeks', the momo stocks soared, with most up 2.5% to 5.0%. If equities can rally into the weekend, FB, NFLX..and all the other usual suspects, will be close to breaking new highs.
A crazy day in the main US market, with a combination of huge short-covering, bulls chasing, and borderline hysteria that 'everything is going to be fine again'.
For the momo stocks like FB and NFLX, today saw very natural very strong gains of around 5%.
With the main market looking like it has put in a short-term floor, the momo stocks will have a real chance of breaking new highs in the coming days..which is frankly.. a really bizarre realisation.