I will submit this is likely not an original observation on my part – but is there something eerily similar about this past weeks Nasdaq behavior; and the beginning of the dot.com blow up from March 2000?
It is like a long strange trip, electric Kool-Aid flashback when today I look at Priceline – which has now dropped -220 points from it’s March 6th high. Google now down -126 points from February 26th. Netflix down -97 points from March 6th as well.
And what about Tesla? They sell less cars in a full calendar year than Ford sells pickups in a single month. TSLA has been bitch-slapped now for -62 points since February 26th. Amazon? down -53 points in just the past two weeks.
And lets not forget the Russell 2000 Index which they have been beating on like a rented mule lately. Down -66 points on it’s own since March the 4th. WHAT GIVES?
I don’t know if history is rhyming here or repeating. Blow me down. Are the lemmings marching predictably to the precipice? An alternating seven year cycle conspiracy sure comes to mind…