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.
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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.
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No such barrier exists in tech-land, which has blown right past its former high.
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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.
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