Another parabola has been sighted/A lot of other good stuff including the Cisco macro concerns

Another parabola has been spotted and it certainly is super. These chart patterns always end the same way but it can certainly go higher before it cracks. The analogy here is the one who sprints as fast as they can at the beginning of a marathon will always flame out. The one that takes a more measured pace typically finishes the race. The stock by the way is now trading at $920 pre market today. 

Super Micro Computer (SMCI)

Stock market sentiment is back to being extreme as seen in the Investors Intelligence report yesterday as the Bull/Bear spread got back above 40. Bears rose to 58.8 vs 54.3 even as Bears rose to 17.7 from 17.1. Those expecting a Correction fell to the just 23.5 from 28.6. The Bull level is the highest since the summer of 2021. The AAII is less giddy as it captured the selloff on Tuesday. Bulls fell by 6.8 pts to 42.2 while Bears rose by 4.2 pts to 26.8, still though a wide spread. The CNN Fear/Greed index remains in the 'Extreme Greed' category at 76 and I mentioned a few days ago that the Citi Panic/Euphoria index is nearing Euphoria. 

Bottom line, just as we tell our kids to be aware of their surroundings, it's important for investors to do the same. 

Austan Goolsbee's dovish side is coming out as yesterday he rationalized and stretched for reasons to eventually cut rates. He basically said we don't have to pay attention to CPI because they only look at PCE. I'll say for the millionth time that PCE always runs below CPI because its biggest weight is healthcare that is mostly measured by artificially suppressed Medicare and Medicaid reimbursement rates. So the 1% plus monthly gains in health insurance seen in CPI won't show up here for example.