Back in 2000, I was a young punk stock broker in NYC making fucking bank — fully anointed in liberal shit-think — and also a true believer in the internet and “new economy.” I made fun of the older men in the boardroom who warned me of impending doom and instead told them to “fuck their own faces” whenever I felt like it. I did what I wanted, when I wanted to do it, and no one could stop me. I showed up to work at 11am, in spite of my manager warning me — because I could.
Life was grandiose and the peak of that grandeur happened in March of 2000. During that time, I can vividly recall getting drunk during lunch and drunk again after work — pitching client drunk and having them send millions to a drunkard and thinking it was funny. It was funny — up until the point it ended. I didn’t believe it was over until nothing was left. I wrote two books about it.
Fast forward, 2020-2021 was even worse than the 2000 bubble. We took a breather to inject the planet with poison and then get primed for world war — and now we’re at it again.
So you know, in Stocklabs we measure the technicals of all stocks going back to 1970. We have fancy ways to determine things. Right now, the QQQ is as overbought as late Feb 2000 — registering the 3rd highest score on record.
The type of run we are in squares up just fine with the go-go days when I felt, as a young man, nothing would ever stop it. It’s worth noting, the NASDAQ topped on March 10th 2000 — not late February — which is why I closed the session mostly long with just a 10% hedge in SOXS. I am now +44% for the year.
