End of the Beginning or Beginning of the End?

The S&P 500 and the NASDAQ have been on a run.  They have made new all-time highs.  People are energetically discussing the notion we are at a top.  Maybe Yes, Maybe No.  Just as “cheap” doesn’t define a bottom, “expensive” doesn’t define a top (just ask short sellers about the late 90’s when the market was expensive for years!) Charts below are meant to add to the debate.  Whether we are at an “end of the beginning” or “beginning of the end” is above my pay grade. We measure upside and downside one stock at a time. We are respectful of serious analysis.     Jeb B Terry, Sr. May 2, 2017 

The S&P 500 is ready to retest its high. Maybe a “sell in May” correction stalls the rise in the short term. The trend is up.
While the following chart seems extreme I find it very interesting.  It took 6,256 days for NASDAQ to go from 5,000+ to 6,000+. Before you get too scared by the apparent steepness remember to consider a log scale.  The percentage increase is less per 1,000 point move.  Also remember that the leaders of the NASDAQ today are terrifically profitable and still growing.

Charts courtesy of Bespoke Investment Group.

Aberdeen Investment Management – a guide service for micro-cap technology investment –Manager of NexTech Medical Investments

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