) has witnessed a resurgence thanks to the likely intervention of the Bank of Japan. This move by the central bank is aimed at strengthening the yen, but it raises questions about the potential implications for global markets.
Um, a month ago, you know, people were a little concerned the higher for longer things seemed like it was gonna take hold.I think we go, I just put a note out this morning, put a more specific target, 5500 this summer.I think we get to 5800 by year end with upside to the next big round number in Q one of next year at 6000.
And the last thing I would say about NVIDIA, uh for those that look at charts like myself or those that look at spreadsheets like um actual investors, it's, it's one of the rare examples where the stock's gone up 700% from the bear market lowest, but yet the multiple remains the same. Despite this strong global bull market, Microsoft has outperformed the group, but it's largely underperformed the other mag we'll call the mag six tesla belongs in its own category.It's outperformed semiconductors as a sector.Um This is a stock that just off of the lows lost 75% of its value.
The stock has lagged and continues to lag, not just the S and P but again, that, that mega cap cohort if you will on a year to day basis, still down 3% again in a world with an S and P up almost 10% year to date global market surging. But, but keep in mind even when you talk about Amazon, as much as some people, the bears like to point to the late nineties and say, oh it's the tech bubble all over again.You can draw a line that connects you to the highs that you made in 20 one.
And, and at times it does not just because you've made it all the way back to a prior reference point doesn't mean you've earned the right to break out and start a new bull market. Um But again, I think you have a lot of macro cross currents coming together at, at the same time, which is we, we have the, the prospect for the first interest rate cut, uh whether it's in September, December.It seems like it continues to be a moving target, but these are the forces from the top down that are driving that weakness in dollar yen.Uh But again, we're finally starting to see that narrative ebb as it were as we eye that first rate cut here in the US.
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