Google has joined my list of ‘dead stocks walking’ — companies facing revenue slowdowns for one reason or another but which have inexplicably rallied steeply in recent months. The shares of Apple and Facebook are brazen standouts in this category for reasons that are well known and which I have written about extensively. There is also Boeing, whose price has steadied well aloft despite the widening scandal related to two fatal crashes of the 737 Max. None of this precludes my forecasting higher prices based on the stocks’ respective charts, but it does imply there will be a day of reckoning. Please note that my technical outlook allows nonetheless for a further 1400-point rise in the Dow before this happens, an eventuality that would demonstrate once again the bull market’s determination to remain blithely untethered from economic reality.
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Tuesday, August 20, 2019
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