This is DGTD, and the Dow Jones Index closed on January 26, 2018 at 26,616.71 and today 25,734.97. That same day S&P 500 closed at 2,872.87, a level we were below May 12, 2020. The Russell 2000 Index was 1,608.06 on that January day 2018, and today 1,427.31. On the other hand, the SPDR Gold Trust was 127.97, and today 166.62. TLT, the iShares 20+ Treasury Bond ETF 124.05, and today 163.42.
There are areas of the market that express quite a bit more fear than the NASDAQ. And at least on a year to date basis the GLD and TLT have done just as well as the NASDAQ. The Dow and Russell 2000, not so much. The S&P numbers are boosted by a handful of mega cap stocks, the other 490, performing in line with the Dow and Russell 2000.
When you look under the hood of the market you see a vehicle with a couple of burnt valves. Sure the Fed has added a little STP Gas Treatment. An investor’s look in the rear view mirror is a picture blue smoke out the tail pipe. Definitely this piece of crap is not going to pass the next emission test. It will never make it that far. Unlike Daddy Gene’s 1964 short bed Ford, this one is not even able to haul the trash of this market down Thigpen Road.
My apologies to Alan Jackson.
Igy