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A lot has changed since October 2015, but how much actually matters to the stock market? I wrote this a few years ago:
“Longer-term, stocks are once again up huge from where they were three, five and seven years ago. The S&P 500 SPX, +0.11% itself is back above that 2000 level that puts it in rarified levels that it had never even been close to in history until this time last year. The Nasdaq COMP, +0.38% of course, is back to levels it hasn’t seen since the great dot-com bubble popped 15 years ago. I am nowhere near as aggressively long and vocally bullish as long-term MarketWatch readers will remember I was back in 2010-2013. I expect stock markets will crash again at some point in the next few years, so we want to be flexible as we head into the longer term.
“At any rate, it’s a stock picker’s market, not a stock market right now. Tech looks strong as semiconductors and other industries consolidate amid continued growth. Biotech, pharma and health care look treacherous.”