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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (25168)3/9/2005 7:16:31 AM
From: Chispas  Read Replies (8) of 116555
 
Fiend SuperBear - Five Years Already? .. .. .. .. .. .. .. .. ..

It has been five years since the Nasdaq crossed the 5,000 barrier. I can
still remember walking through a bar and seeing all the TVs set to CNBC.
Remember that? Wherever you went TVs were tuned to CNBC.

The celebration of the Nasdaq's milestone was almost surreal. I remember
CNBC showing all of the top stocks in the Nasdaq and how far they had gone
up. What was most telling was that there was hardly anyone that believed
that the party would end soon (if not immediately).

In fact, I can remember knuckle heads speculating that the Nasdaq would
soon overtake the Dow. Nasdaq 6,000 seemed like a given so folks were
talking about Nasdaq 10,000. Of course the way the index went up over the
years you could almost see the logic of the madness.

Now no one can see into the future but imagine if you told your friends
that the Nasdaq would be trading 60% below 5,000 five years from now.
You would probably get locked up.

The Dow has done better over the past five years and it is actually not
that far from its record. At the time of the bubble's zenith, the Dow
was seen as old news and it was the Nasdaq that was going to take over.
It obviously did not work out that way.

Tomorrow I think I'll dig up the Prime-25© stocks from five years ago. It
is quite revealing on how things have changed since then. In fact I've been
planning on adding five year totals to the weekly market data summary.

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fiendbear.com
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