by George Leong, Investment Contrarians:
Sound the bull horns, folks! Stocks are sizzling on the chart, and Wall Street is partying like there’s no tomorrow. Kind of sounds like late 1999/early 2000, doesn’t it? And we all know what happened when the party ended then, with the NASDAQ having surged to a ridiculous 5,132 and subsequently crashing.
On Monday, the S&P 500 broke 1,600 and the Dow Jones Industrial Average invaded 16,000 for the first time. There have been five new records broken over the past six sessions. And while the NASDAQ is still eyeing 4,000, there will likely be a move soon.
With about 30 trading days remaining in the year, stocks appear to be heading higher.
While the creation of stock market wealth is fantastic for market participants, I’m growing more wary with each record and feel the stock market is vulnerable to selling.
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