Yes, the Nasdaq is at an 11-year high . What about the other indexes?
The Dow is 4-yr highs. The SP500 is at 6-month highs.
It's an interesting spread. The Nasdaq fell so far (and so fast) from its 2000 highs. The flight from risk, high-tech, and bubble stocks decimated the volatile index. Now we are seeing folks favoring high-tech stocks. Are people getting more comfortable with risk?
I received an email last night from a former coworker. We worked together in the late 1990's at a high-tech firm. At the time, conversations were about the kind of stocks we were in. Everything was tech! Everything was IPOs, and even some penny stocks. Everything was working and the profits were rolling in. We even talked at the time that there was no way it could last, but one never knows how long the trend will last. (Except for the Black Box, of course).
In the email, my friend said "It feels a lot like 1999."
The fish are biting. Folks are buying risk. The social networking stocks seem to be the B2B and internet stocks of 1999-2000.
We do know how this ends. We just don't know when it ends. Hopefully, those of us who have been through this before won't be afraid to take profits - even if that means we don't get out at the top tick.