What's going on―has the market taken a couple of steps back in time? It was inflated to bubble proportions in the late 1990s. The bubble popped. Now, only three years later, we have another bubble. Many of the same dot-corn and other tech stocks that led the last overheated bull market, only to be subsequently decimated, are leading this one. Since Oct. 7 of last year the tech-heavy Nasdaq 100 has rocketed 77%, more than twice the 36% gain of the S&P 500. Let's call it Bubble Junior. What is so different about the current crop of Nasdaq 100 highfliers that justifies their prices? In a word, nothing.
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