Before I start with the insanity in my world of momentum, let us not forget the fundamental skills of all investing. Morgan has the go to post on that today.

Ok…here we go…

This tweet sums up the fresh all-time highs in the S&P today:

Millennial: I paid $1300 for my 1st iPhone”
Baby Boomer: I paid $1300 for my 1st car.
Greatest Generation: I paid $1300 for my 1st house.

Apple is launching the iPhone 8 tomorrow. If it is shaped like an avocado and sells for $2,000, people would still line up to buy it.

Years ago I was tweeting from the Four Seasons hotel in Paris that one day soon a price of their club sandwich would surpass the price of a smartphone. I was right…that is for everyone in the smartphone business but Apple.

Until consumers force Apple to sell a smartphone for a price cheaper than a sandwich, I am long Apple.

Elsewhere…

The biotech sector is the best performing US sector so far this year. It makes sense. All the new crypto billionaires must focus on living forever.

Chinese stocks continue to surge. Global money keeps flowing into Chinese stocks while the Chinese government tries to prevent Chinese money from leaving (banning crypto exchanges and ICO’s). That’s a perfect cocktail for rising stock prices.

Despite China bans, there will be 57 ICO’s this week and September is on pace to be a record month for lunatic behavior. Risk Shmisk!

One day the bears might point to this chart and say ‘see…it was so obvious’:

As I say every week here on ‘Momentum Monday’…I have no idea how long this lasts, but I am glad to be participating.