I’ve been writing about Nasdaq 10,000 for the last few years on this blog. Here are the links.
This week we crossed Nasdaq 9,000 which means the Nasdaq is just 11 percent from Nasdaq 10,000. Take a look at a chart I put together that shows just how close we are:
Technically there is still a lot of pent up energy after the 16 year Nasdaq walk in the desert between the years 2000 and 2016 when the Nasdaq finally hit all-time highs again above 5,000.
I imagine CNBC and the Fox Business will start a countdown to Nasdaq 10,000 any day. If I were superstitious, I would ‘sell everything’ claiming that Nasdaq 10,000 will be impossible with everyone talking about Nasdaq 10,000.
I am not superstitious though and the trend is my friend.
This current trend has survived impeachment, a stalled Amazon, Netflix and Facebook for the last few years and ‘unicorn’ startups/IPO’s that were for the most part focused on growth over profits.
The iPhone will keep printing money. AWS from Amazon will keep printing money. Facebook will keep printing money and Google will keep printing money.
The wildcard like always will be the US Government, but the knuckleheads in charge of the GOP are too busy suckling ‘Orange Julius’, pillaging and gerrymandering to slow big tech down.
As for the macro background…I give you this (from Charlie):
I guess the real question is will this bull cycle carry us to Nasdaq 20,000.
I expect a few analysts looking to make a name for themselves to start writing articles with Nasdaq 20,000 in the title. I should do it for the Google Juice, but it’s not my style.