“Magnificent 7” As Overvalued As “Nifty 50” & 2000’s Internet Stocks

We have an “everything rally” and FOMO is taking over, notes David Dietze. He discusses names and trends driving the markets. He suggests that investors may want to pursue quantitative tightening, as historically it seems to be reactive to the economy, not proactive. He talks about how the Magnificent 7 are up 80% this year with valuation close to 50X earnings. He mentions they are as overvalued as the “Nifty 50” of the 70s and internet stocks of 2000. He then goes over his stocks to watch which include Devon Energy (DVN), Cigna (CI), and 3M (MMM). Tune in to find out more about the stock market today.