While markets continue to hit new post-Lehman highs, one index stands out in particular: The NASDAQ 100 (the big cap names of the index).
In large part thanks to Apple, it’s one good day away from breaking its post-bubble highs.
The most stunning recovery of all is the Nasdaq 100, which is now within 1.1% of its November 2007 peak. Once that is exceeded, the bubble and implosion levels of 2000-2001 become the new yardstick for measuring. The NDX recovery has been widely fuelled by Apple, which accounts for over 20% of the index due to its poor construction methodology. A fairer measure of Nasdaq performance would be the Nasdaq Composite, which is well above its pre-Lehman levels and is within 8.5% of October 2007 peak.
What would it take to hit the all-time high? Actually just a double from here.
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