Seven straight weeks of gains have pushed the index to 23 times its forecast earnings, about 30% higher than its 10-year average. Given the Nasdaq surged 38%, investors have obviously been OK looking past those numbers. Computer and software makers are expected to post a 0.8% profit contraction in the three months through December. This isn’t 1999 or 2000 when you were valuating those tech stocks on eyeballs.”The cost of falling short has risen as well. “I think investors seem to be comfortable with sticking with the leaders that got them here, at least for the time being,”

Source: Economic Times January 26, 2020 05:39 UTC