Click here to read the Commentary
From Donoghue Forlines:
“When bull markets end, they seldom go gentle into the night. As the market turns down, sharp rallies can occur, inflicting enormous pain on anyone underweight or short the declining asset class. Every decade or so, markets get carried higher by a structural theme which triggers an enormous re-rating of the favored asset class. Examples include Energy in the 1970’s after fears of “peak oil”, Japanese equities in the late 1980s, Internet stocks at the turn of the century, and most recently, US mega-cap tech stocks on the belief that “software eats the world”.
That brings us to 2023. This year, we have had a sharp rally in all thing’s tech, and especially in the “Magnificent Seven” stocks that have driven so much of US and global equity market performance in 2023. So, was the 40% gain in the Nasdaq between early January and July a typical post-bull-market surge? Or is this rally a continuation of the US growth stock bull market that started in 2011? Or is it the start of an altogether new bull market?”
Click here to read the full Donoghue Forlines Commentary – Markets in Motion
TC136109(0923)1