Markets Used to Be Hard-Nosed and Tough

...And they will be again.

For now, we have another slow session, as the Nasdaq fades well off the highs despite a massive move up in TSM after earnings. 

On that note, tonight we have both ISRG and NFLX reporting, respectively below on their quarterly charts.

Intuitive Surgical, with its robotic surgical device, trades at around a forward PE of 61, while Netflix has a forward PE of 30. As you can see, both quarterly charts are incredibly steep. For the last two years these names have been virtually nothing but on a nonstop train higher, each and every quarter. 

At a certain point the "law of large numbers" ought to come into play, where stocks like these for larger cap names simply run into a tipping point with earnings growth and expectations. When that comes, since markets have priced in years of great growth into these names it leaves a massive air pocket below--Wall Street history teaches us that steep uptrends have consequences, especially when it comes to individual, highly-priced growth stocks, more than the indices per se. 

The bottom line is that these charts and valuations are not within the normal realm of historical distributions, especially for firms of this relative size and for the duration of these trends. Hence, I am still on guard for that elusive tipping point. 

Elsewhere, uranium stocks are handling yesterday's big rally impressively, either with benign consolidation or pushing higher yet. Rates are back on the upswing, and Platinum seems like a stealth precious metal improving.