We wrote last week about the three phases of the market as described by Leon Cooperman. Phase I is the “wow, we survived” phase. Phase II is made up of rising earnings and will go on for 4 years or so. And then Phase III is the “exuberance” phase when things become just too expensive, also described as the “silliness” phase. Cooperman didn’t think we were in Phase III yet although there were some pockets of Phase III activity. Well on Friday add at least a couple more names had advances that might fall into the “silly” category. GOOG shot up 13.79% and CMG was up 16.10%.

(Long GOOG)