Dow Twenty Thousand. Dow Twenty Thousand. Yeah, yeah, I get it. Good God!
It seems almost pre-ordained at this point that the holy figure will be reached. Perpetually-suicidal James Altucher made a call for this level over half a decade ago, but if you hear him touting his “call”, I don’t think this will get mentioned. I actually like the guy’s writing quite a bit, but I strongly suspect his pulled this number out of his derriere when he offered it in 2011. Whatever the reason, it looks like it’s almost a sure thing, particularly with Yellen getting ready to wrap her lips around the microphone Wednesday afternoon.
It’s interesting to me how these big round numbers pan out. Sometimes they end in tears (except for the bears), such as the much-anticipated NASDAQ 5000 back in 2000 (two big round numbers together! It’s destiny). It finally, at long last, nailed its goal March 7th. On March freakin’ 10th, one of the biggest wipeouts in financial history got started.
I certainly don’t expect this to take place with the Dow (hell, at this point, I figure bear markets are virtually outlawed). Still, if we do nail 20,000, I wouldn’t be shocked to see some post-coital selling to take place.
The length of time this year to reach these milestones has varied quite a bit. The Dow hit 18,000 for the first time ever in April. Adding on the next 1000 points took over half a year. With the insane Trump rally going on, it’s only taken a few weeks to accrue the same gain and reach for 20,000!
I’m actually kind of hoping we can just get it over with tomorrow so we can stop talking about the damned thing.