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Nasdaq Bests 2000 All-Time Peak… And There's A Bear On The Cover Of Barron’S

Stock Market Analysis and Stock market ideas

By Marc Chaikin

The S&P 500 Index closed on Friday at 2,117.69, up 1.75% on the week and at a new all-time closing high. The market traded well all week as it absorbed poor earnings reports well, and responded very positively to earnings reports from Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT) and Starbucks (NASDAQ:SBUX) that came out after the close on Thursday.

We are at new all-time highs but this remains an unloved bull market if you look at both investor and advisor sentiment. That normally means there's more to go on the upside yet occasioned a bear with a lasso on this week's cover of Barron's.

It's hard to "fight the tape", particularly with the market rallying in the face of poor economic reports. With over 100 large capitalization stocks reporting earnings this week, led by Apple's (NASDAQ:AAPL) report after the close on Monday, there will be new market drivers, and profit-taking should be expected in the early going.

Given the market's ability to shrug off disappointing earnings and economic reports, I believe higher prices are in store. Be mindful, however, of the Federal Reserve Board's 2 day meeting on Tuesday and Wednesday and preliminary 1st quarter GDP, which is due out this week, which is expected to be poor.

Bull markets do climb a wall of worry and skepticism but I looked back to a comment that I made 9 months ago, when I opined that this bull market might not end until the Nasdaq Composite traded above its 2000 peak. Voila! We are there!

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