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Glue-Sniffers Romp as 2020 Begins

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Wall Street’s best and brightest — the same irrepressible glue-sniffers who worked so hard last year throwing a trillion dollars of Other People’s Money at a dozen stocks — came out in force on the first trading day of 2020 to reassure investors that they are as revved up as ever and capable of moving the broad averages significantly higher. I’d allowed for a 7% rally in their uber-favorite stock, AAPL, to lead the stampede, but I overestimated the time it would take to reach the target (which I’ve adjusted downward to 311. 77). After Thursday’s $7.25 surge, it’s possible bulls will get there by Monday if not sooner. See my DIA tout below for a way to leverage the move. I’ve also posted in the Rick’s Picks trading room a butterfly strategy in AAPL that offers a very low-risk way to cavort with the revelers. _______ BULLETIN (Jan 3, 1:45 a.m,): Wall Street is not going to simply shrug off tonight’s very big news concerning a targeted strike against Iran and its military’s top general, Soleimani, but it will be interesting to see how much resiliency the stock market shows over the next few weeks. My hunch is that U.S. stocks will be trading significantly lower, notwithstanding the maniacal buying spree of the last month. Ordinarily I would ratchet down the aggressively bullish stance of today’s front page, but I’ve got an early flight back to Florida tomorrow and don’t fancy revising my touts and commentary at this hour. I will have more to say in Monday’s edition.

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