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.
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, Netflix, and the like. The more tepid world of the S&P 500 (represented below by SPY) is still about 3.5% beneath its lifetime highs, with pretty much the last hope of the bears at the gap.
No such barrier exists in tech-land, which has blown right past its former high.
One amazingly bullish pattern that I’ve been tracking for years is Intel, which broke above its massive base just this week and is likewise at a price never seen before.
Time for equity bears to return to their well-known lifestyle: