EDITOR'S NOTE
The stock market picked up right where it left off last week.
The S&P 500 rallied to a fresh all-time high, building on the previous week’s move through the record set in late February. Monday’s action was driven by a combination of optimism around the coronavirus — with daily U.S. cases falling and the government approving emergency treatments — as well as additional gains in tech.
Apple shares rose, leading other tech-related names higher, including Facebook and Alphabet. To be sure, the recent outperformance from Big Tech has raised questions about how sustainable this broader market rally has been.
Strategists at Bespoke Investment Group highlighted that Apple is currently “the most extended” it has been since May 2008, trading more than 26% above its 50-day moving average. They also pointed out that the company is nearly 60% above its 200-day moving average. 
However, value investor Joel Greenblatt thinks the “froth” in the market is not coming from Apple and the other “FAANGM” stocks.
“I think some of the stocks that people worry about — whether it’s Apple, Microsoft, Google, Facebook, Amazon, all those leading companies — they really just sell at a slight premium to the market,” Greenblatt, co-chief investment officer at Gotham Asset Management, told CNBC’s “Squawk Box” on Monday. “But they have better growth, they have some of the best franchises in the history of the world.”
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