Almost one week ago, the Nasdaq 100 index started increasing and gained almost 2%, setting a new record high. Then, on that same day, it lost 2%…plus a little extra. This weird and unexpected situation has only happened one other time: March 7, 2000, the date the dot-com bubble reached its peak.
The Wilshire 5000 to GDP ratio also allows us to estimate the total market cap. This ratio hit a historic high – 155% – right before the stock market crash in March 2020.
IMO, this is more likely after Labor Day when traditionally volumes are higher.
NASDAQ all time high because tech monopolies are getting bigger and AAPL is up $230BN in 2 days t.co/Pn4ufvHSTM
— zerohedge (@zerohedge) August 3, 2020
Chart of the week – Arguments about a bubble in #equities continue, with US #tech at the center of the dispute. Some are drawing comparisons with Dotcom in the 1990s. t.co/f7oGweAUs0 @darioperkins #FAANGs #GlobalMacro
— TS Lombard (@TS_Lombard) July 31, 2020
3 out of every 4 fund managers surveyed by #BofA think that long US #tech #stocks is the most crowded trade.
I guess this means that at least 3 out of every 4 fund managers surveyed don't like to keep #SocialDistancing from that infected crowd#Technology $QQQ $XLK $BAC #TechNews pic.twitter.com/BbtXGnhW2f
— The Fortune Teller (@TheFortuneTell5) July 14, 2020
In a letter to investors released on July 29, Pantera Capital CEO Dan Morehead noted that the United States has printed a shocking amount of money to combat the pandemic-induced financial crisis.
“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”
…“With that first trillion [USD printed] we defeated British imperialists, bought Alaska and the Louisiana Purchase, defeated fascism, ended the Great Depression, built the Interstate Highway System, and went to the Moon.”