FYI: Five years ago today the Dow Jones Industrial Average closed above 15,000 for the first time ever. We were up 15% on the year at that point. Lots of people were talking about euphoria thanks to the fresh new record highs in the S&P 500 and Dow Jones. The Nasdaq was still below the old dot com era highs, but making steady advances.
And the within a month we’d be enjoying the June Taper Tantrum, which was also said to have been “the top” or the beginning of the end. It was only the end of the beginning, it turns out.
The secular bull call turned out to have been the right one. It was hard to make, because people had forgotten that the default direction of stock prices is higher, not lower, over long periods of time.
Here’s what I had to say about Dow 15,000, five years ago today
Regards,
Ted
http://thereformedbroker.com/2018/05/07/five-years-of-secular-bullishness/
