• 1 day How Taxpayers Are Bankrolling The EV Revolution
  • 2 days The Coronavirus Is Crushing China’s Car Market
  • 3 days Fighting For Survival In The Streaming War
  • 4 days Want A Job? Forget About A Bachelor’s Degree
  • 4 days Another Major Car Maker Is Backing Hydrogen
  • 5 days Are Americans Finally Sold On Soccer?
  • 5 days Is The Tech Bubble About To Burst?
  • 6 days Coronavirus Could Cost Tourism Industry $80 Billion
  • 6 days What Web Traffic Trends Can Tell Us About The World
  • 6 days Miners Face Greater Headwinds
  • 7 days Boris Johnson Proposes Billion Dollar Bridge To Northern Ireland
  • 8 days Goldman Slashes Oil Price Forecast By $10
  • 9 days Tesla Raises $2 Billion In Share Selloff
  • 10 days What The T-Mobile Takeover Of Sprint Really Means For Markets
  • 10 days The U.S. Has Charged Huawei With Racketeering And Conspiracy
  • 10 days How Hydrogen Could Become The Fuel Of The Future
  • 11 days Millennials Can’t Retire, But They’ll Still Have To Help Their Parents
  • 11 days This Gold Miner Just Increased Its Dividends By 40%
  • 11 days Airbnb IPO Under Threat As China's Economy Drags
  • 12 days The Infamous Equifax Hack Just Became A National Security Issue
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

Top Out Parade

No one rings a bell to announce the top of the market. Recent downside action in the major indices is explained by the pundits to be a direct result of the FED aggressively raising interest rates. Balderdash! The FED is only accelerating a topping out process that started long ago. The Top Out Parade on Wall Street is now into its third year. Here are the dates:

  • Daily new highs on the NYSE topped out on October 3, 1997;
  • The advance-decline ratio topped out on April 3, 1998;
  • The D-J Transportation Average topped out on May 12, 1999;
  • The NYSE Financial Average topped out on May 13, 1999;
  • The D-J Utility Average topped out on June 16, 1999;
  • The Value Line (geometric) topped out on July 6, 1999;
  • The NYSE Composite topped out on July 16, 1999;
  • The D-J Industrial Average topped out on January 14, 2000;
  • The Russell 2000 topped out on March 9, 2000;
  • The Nasdaq topped out on March 10, 2000;
  • The Amex Index topped out March 23, 2000;
  • The S&P topped out on March 24, 2000.

The stellar performance of a handful of large cap stocks has masked the terrible performance of the majority of stocks. There will be many rallies in the future but the indices are unlikely to exceed old highs for many years.

The rallying cry "Buy the Dips" will soon change to "Sell the Blips".

Be careful!

For a graphic view of the mania, visit Cross-Currents.net

Back to homepage

Leave a comment

Leave a comment