The S&P 500 closed above 5,000 for the first time ever...
Source: MarketWatch
The S&P 500 jumped 5,000 faster than any other 1,000-point milestone (which of course makes some sense given that they are smaller and smaller percentage changes).
It took 719 sessions for the index to set its latest 1,000-point milestone, much shorter than the 1,227 trading days it needed to get from 2,000 in 2014 to 3,000 in 2019, Bloomberg News reports.
That compares to the 4,168 sessions from 1,000 in 1998 to 2,000 in 2014.
However, as Bloomberg notes, it may take time for the index to settle above 5,000, if history is any guide.
For example, after breaching 2,000 in 2014, the SPX hovered around that level for the next three weeks, only to retreat in the five weeks that followed.
A similar trend can be observed in 2019, when the index crossed 3,000. After rising more, the SPX fell and hovered below it for many weeks after.
...and the S&P 500 is up for 14 of the last 15 weeks for the first time since March 1972...That's 52 yrs ago!
But, while the S&P 500 is now up 4% from its prior record closing high in Jan 2022, and the US dollar is up 8%... and gold up over 12%. The loser in those two years are bonds which are down over 9%...
Source: Bloomberg
Mag 7 stock member Nvidia (NVDA) just kept on doing what it does...
Source: Bloomberg
Even the Dow Jones and Nasdaq 100 just about mirror Nivdia's run up!
The odds now of a MAR24 Fed rate cut are now under 20% (It won't happen so is the mkt prepared for this rejection?)
Bitcoin soared back above USD$48,000 - erasing the 'sell the news' post-ETF declines - at its highest 'close' since Dec 2021...
Source: Bloomberg
...thanks to the ongoing net inflows into spot ETFs (which in aggregate are now above $2.1BN)...
There is a new word for everyone to use at dinner parties - Inflows!
Speaking of spot Bitcoin ETF's - the EBTC listed on Cboe (alt mkt to the ASX) has done really well...up 303% since DEC 2022
Finally, 'tick tock'...
What's the catalyst to repeat 1999/2000? Take your pick from NVDA earnings? Bank crisis? CPI re-ignition? Animal-Spirits 2.0?
March is gonna be lit...
Happy Monday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
