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Market Keeps Pushing Higher

Published 03/11/2018, 12:36 AM
Updated 07/09/2023, 06:31 AM
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It was nine very, very long years ago that we reached an important milestone in the history of the market: the fabled “666” bottom of the S&P 500.

SPY ETF Performance Chart

It had seemed a month ago that the jig was up, but nope, the market just keeps shoving higher. The favorite issues seem to be those with price/earnings ratios in the hundreds, like Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), and the like. The more tepid world of the S&P 500 (represented below by (NYSE:SPY)) is still about 3.5% beneath its lifetime highs, with pretty much the last hope of the bears at the gap.

SPY Gap

No such barrier exists in tech-land (PowerShares QQQ ETF (NASDAQ:QQQ)), which has blown right past its former high.

QQQ ETF Performance Chart

One amazingly bullish pattern that I’ve been tracking for years is Intel (NASDAQ:INTC), which broke above its massive base just this week and is likewise at a price never seen before.

Intel (INTC) Perfomance Chart

Time for equity bears to return to their well-known lifestyle:

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