Twitter’s fans are chirping happily about its inclusion in the S&P 500

DataTrek Research’s Nicholas Colas says things are in fact frothy in that sector, but not in the way you might think.
“Large-cap tech is in a bubble, but not necessarily in terms of valuation,” says Colas, providing our call of the day.
“Rather, it is an insulating force field driven by its power to create innovative disruption and growth. Those fundamentals are now at such critical mass that even governments cannot derail them for long.”

Another factor is that President Trump is sparking the trade tensions, and investors ultimately believe he won’t tank stocks before the midterm elections, Colas says.

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