The Nasdaq is back at all-time highs again tonight at over 7,800…so pretty much everything in my silly world is golden.
The last time I saw this many ‘breakouts’ I was 14 and looking in the mirror.
I’m celebrating like any 52 year old would do in 2018 …I’m loaded and lathered up on CBD’s.
Here is the long term chart of the Nasdaq:
We are a LONG way from Nasdaq 10,000 but it does feel like it could really happen.
I first blogged about Nasdaq 10,000 in 2014 after a conversation with eToro founder Yoni Assia. The Nasdaq was still below the year 2,000 bubble highs.
At Nasdaq 5,000 in the year 2,000, mobile phones were all Nokia. There was no mobile web. Eighty hipsters were stealing all the dial up from CD ROMS.
Cramer was somewhat interesting. Now Josh Brown and Joe Wiesenthal get Charlie Rose face time. Everyone is a curator and the celebrity and in charge of filters.
Taxi drivers were giving stock picks in 1999, now they are entreprenuers driving Uber’s, trying to figure out Google Maps to earn their keep.
Steve Jobs was about to rock Apple’s world and ours. Google was not public. Zuckerberg was in high school. Social and sharing on the web, now fabric, were not in the vocabulary of the web.
Yoni’s grandfather has lived past 100 which is a miracle, but all three of his young kids could make it easily.
Software, 3D printers, plunging oil prices…
China, India and a new financial system built around the blockchain that takes global trading to the next level, leaving America in the dust as a global financial superpower.
Last June, I revisited Nasdaq 10,000 as the Nasdaq passed 6,200. Amazon had just crossed $1,000 and $480 billion in market cap. My friend Michael Porat (corporate development at Cisco) was dead right as usual about the prospects for Amazon. Worth a full read again as Amazon passes $860 billion.
Since last June, Fat Nixon became President, Bitcoin bubbled and crashed, interest rates have skyrocketed, oil prices have doubled, coal is the new solar and you can see Russia from Washington DC…not just Alaska.
If I were to guess…Esports, Fintech and Biotech are the catalysts that get the Nasdaq over the 10,000 hump.
PS – Do read this piece on Esports titled ‘Confessions of a Digital Dinosaur‘.