Bullish momentum continued to dominate the market today, with all major indexes posting solid gains at the time of this writing. Favorable global macroeconomic news, especially in Europe and Asia, sent stocks higher and the dollar lower.
Yesterday, we discussed how some analysts are looking for a major emerging market rally in 2018. With US stocks nearing record valuations but the global economy in solid shape, we can expect more capital to flow toward non-US firms.
Our Top Performers so far this year seem to lend some credence to this projection, with today’s Top Performer getting in on the blockchain action to post the most dramatic gains so far this year.
CNET posted gains that are astonishing even by “Top Performer” standards after announcing a new strategic partnership this morning.
Chinanet Online Holdings is an integrated online advertising, digital marketing, and data analysis platform. This morning, they announced a partnership with Jingtum Technologies, a blockchain technology firm.
CNET and Jintum are predicting a future where technology platforms like CNET are operated on a far more decentralized basis, utilizing blockchain technology. They see potential in the further integration of marketing and data analysis with a genuine payments infrastructure—like the blockchain ecosystem developed by Jingtum.
Ultimately, they envision a future where the internet can operate as a “value-centric” network rather than an “information-centric” network.
This business plan appeared to persuade investors, who piled into the stock on heavy volume. The stock posted gains in excess of 400% before consolidating at its current price level.
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