Will Tech Stocks Continue to Rise?

Assuming today’s gains hold, the “Nasdaq 100 (QQQ)” will have posted gains on six consecutive days — up 15 out of the last 16 and now up 51% from the March lows and registering a 23% for the year-to-date. Zowie!

We’ve spilled much ink discussing how the ‘big 5,’ or predominantly,  “AAPL (AAPL),” “Amazon (AMZN),”  and “Microsoft (MSFT),” which through the combined $4.8 trillion dollar market cap, have come to represent 42% of the QQQ and has accounted for the majority of indices’ performance.

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But before we get to whether these recent gains are warranted or sustainable it should be noted there has also been a feeding frenzy in a new crop of tech, especially those in which existing trends of everything online have been accelerated by the COVID. Companies such as “Zoom (ZM)” and “Shopify (SHOP)” and “Square (SQ) which are not even in the S&P 500 Index (SPY), let alone the QQQ, have all gone parabolic with shares doubling over the past few months.  And then there is the biggest freak of all, “Tesla (TSLA)” and I mean that in a complementary way one describes an incredible athlete like the NBA player known as ‘the Greek Freak’.

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Like Antetokounmpo, these companies and their stocks are… Continue reading at StockNews.com

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