Tech Is Top Dog Again As Investors Conclude It Is Cheap

There was lots worrying investors last week, and there still is. But the stock market has a habit of climbing a wall of worry. It seems to be doing so now.

Investors have been watching analysts raising their earnings expectations faster than stock prices have been rising (chart). As a result, stocks have gotten cheaper, assuming that analysts' exuberant earnings expectations are rational. Investors may be coming around, gaining more confidence in FEMO (i.e., fabulous earnings momentum).