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The Nasdaq run

The Nasdaq 100 index is showing the best performance YTD of the last 25 years (at least). We know it’s basically due to 5 stocks, but it’s nevertheless remarkable that in just 5 months the index is up 31%, while other broader or equally weighted indexes can be flat for the same period. In contrast, credit card delinquencies are increasing to levels not seen since since the #gfc and the mortgage payment required to buy the median priced house in the US sits at an historical maximum. The squeeze to the consumer continues, and the wealth gap keeps widening. These are not good omens for next years elections.


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