Well, the market performed a triple intraday all-time high today, and no one seems to really make note of it anymore. Its “old news” because it’s like a regular event nowadays it seems. There is no blaring headline on Marketwatch or Drudge screaming “STOCKS ALL ROAR TO ALL-TIME HIGHS YET AGAIN”. Nope, didn’t happen, but then again most major news outlets are hard left wing and don’t want to “give credit” to Trump for the stock market’s performance. So, it has become a curious social mood thing to observe from my perspective.
Yet the mania spurs on. The DJIA high today was 46,317, merely points shy of the 24th Fibonacci sequence number of 43,368. The SPX intraday high was 6656.80 which is just shy also of 6666.66. “Mark of the Beast” so to speak. And the NASDAQ Composite was 22,540.93 which I am not aware of any significant number, but it is quite impressive considering the 2010 low was 1265.52 resulting in an almost an 18X multiple of its low of 2010 versus the SPX a 10X multiple. The DOW’s low a 6469.95 in 2010 has exploded by a factor of 7.5 or so.
DOW is 7.5 x price of 2010 low.
SPX is 10x price of 2010 low.
NASDAQ COMP is 18x price of 2010 low.
So yes, we are in yet another tech bubble, this one being led by “AI”. When will it pop? I give my best squiggle count below>
I show the DJIA in a different cycle-sized count to contrast the possible very large scale counts. It really doesn’t matter at this stage.
