The S&P is just is just 2% away from an all-time high.
It seems impossible considering where the S&P stood December. Michael Antonelli has a great blog about the markets and them’Doing The Impossible‘:
No, this isn’t an April Fool’s joke, we legit sit roughly 2% away from a level that seemed impossible only a few months ago. Why did it seem impossible? Well, for one, when you get hit in the nose it’s hard to imagine things are going to be ok anytime soon. A 20% selloff in a month is like getting hit in the nose with an Aircraft Carrier. Second, economic data has seemed so lax. Whether it’s because Q1 always stinks or just a general global slowdown, it was hard to imagine approaching all-time highs with Europe practically in a recession. Finally, nothing seems to have been solved. Brexit still exists, the China Trade war still exists, earnings are still expected to be shaky, and there’s all kinds of divergences strategists are worried about (lack of momentum, Rus2k not back to its highs, Transports not back to its highs, etc). But as we know, markets climb a wall of worry. There is always something to fret about, heck people have been fretting about LYFT and what that might mean for the general state of the stock market (never mind that FB got cut in half after its debut). Look, I don’t know what the market is going to do next, no one does, maybe we hit new all-time highs in April, maybe we go sideways for months, maybe we selloff. But there will NEVER be an “all clear” bell, there will never be certainty, things will never seem calm.
At the end of December, even though I had been buying the Nasdaq index, Facebook and Apple into the ‘dip’, I was so shaken by the violence of if that I declared the death of BTFD. Yet, here we are.
I’m excited to see what happens next.
PS – On the topic of the impossible, drug chain Walgreen’s is the worst stock in the Dow. They have been testing dropping the sale of cigarettes, but now are adding CBD’s. I joked on Twitter that they will dispensing the CBD’s through the empty and useless Theranos ‘Edison’ machines.