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What bear market? The Nasdaq is at the highest level it has been since the TMT bubble burst!

The Nasdaq Makes a New High. Well at least since the TMT bubble! Take a look a the chart below......take a look at the last three years. Now try to remember the sentiment/underlying mood of the market that prevailed during this time. I think that it is a miracle that the Nasdaq has made a new high against a back drop of the most pessimistic sentiment in modern history! It is said that bull markets creep up on you when you least expect them. We have been in a bull market in US equities and we remain in one. The good news is that after all the volatility last year the average mom and pop (retail investor) is still out of the market. A market will only go higher if there is a large pool of marginal buyers available to push prices higher. We have this condition and we are more than likely going to experience  a move to the upside in equity markets that will surprise everyone! This isn't anything new, remember last year at the height of all the volatility I was saying - "we are likely to move into an extended period of low volatility". I still stand by this statement.

Nasdaq 100 Index