The mania 20 years later is not dot.com, it's Covid-related in any way, shape or form. The gaps and percentage gains are insane, especially with biotechnology and streaming media. The parallels are compelling. If you're too young to remember, that mania did not end well. Nasdaq, home of the dot.com hysteria, was down 78% in 18 months. The working assumption is that the market is teetering over that same ledge, just waiting for that one gust of news or whatever to start a historic descent. These are the three charts that stare at me, or vice versa, all day long: IWM Daily; 30 Minute; 5-Minute. When the time is right, the trades will be there: Feb-Mar 2020, redux.
