Dow 36,000 is back … Time to party like it’s 1999 !
Remember James K. Glassman? Well if you don’t, you might just remember the book ”Dow 36,000” that came out in 1999, back in those days when Pets.com was all the rage and any tech IPO that did not spike higher by at least 50% on the first day of trading was considered a failure. Anyway, James Glassman was the co-author of that book.
Mr. Glassman back in February 2011 in the Wall Street Journal (http://online.wsj.com/article/SB10001424052748703584804576144683264748042.html), was giving his excuse of why it did not happen like he envisaged.
He is back again today with a vengeance. ”Today, the far edge of that time frame is clearly in reach. From its low of 6,547 on March 9, 2009, the Dow has risen 117 percent. Another 117 percent in four years would put it at 31,022, just 16 percentage points shy of the magic number!” (http://www.bloomberg.com/news/2013-03-07/dow-36-000-is-attainable-again.html)
God help us!
P.S. I am out of all speculative longs in index longs in S&P500 and turned slight short in S&P500, DAX & HSI. Stops 1.5% above current market.
*Asianmacro is a beach bum managing his own wealth. Besides deciding what to have for lunch (or hitting the gym sometimes), he is mostly found listening to loud music while trading and investing for himself. While every care has been taken in preparing the information in and/or materials, such information and materials are provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials. The opinions expressed do not constitute investment advice and independent advice should be sought where appropriate. In no event will Asianmacro be liable to you for any direct or indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached herewith. Asianmacro may already have or intend to have a trading or investment position in the financial instruments or products referred to in this communication. This is not intended as an offer or solicitation for the purchase or sale of any financial instrument and Asianmacro may also have interests different from or adverse to your interests.