• 5 hours Tesla Reveals Its New Cybertruck
  • 1 day Low Prices Plague Beleaguered Lithium Miners
  • 2 days Is This The Big Biotech Bust?
  • 2 days Funding Is The Biggest Hurdle For Clean Energy
  • 3 days Walmart Reaches Out To Chilean Government For Protection
  • 3 days The Most Exciting Gold Find Of The Decade
  • 3 days Mining Boom Sparks Deforestation Concerns
  • 4 days The Cannabis Culling Has Wall Street Disappointed
  • 4 days Vigilante Offers $100,000 Bounty To Hack Banks
  • 5 days The Dairy Industry Is Dying
  • 5 days The Most Impressive Electric Vehicle Of The Year
  • 6 days Gold Miners Are Having A Stellar Second Half
  • 7 days How 3D Printing Is Turning Each And Every Industry On Its Head
  • 7 days Is The $3.5 Trillion Healthcare Industry About To Get Much More Transparent?
  • 8 days Gamblers Are Betting Big On Trump’s Impeachment
  • 8 days Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 9 days Will Bezos Buy The Seattle Seahawks?
  • 9 days 6 Tech Trends Transforming The Travel Industry
  • 10 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 10 days Trump Prepares For Another Key Tariff Decision
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  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