2pm update - Nasdaq getting close

The Nasdaq composite is getting real close to taking out the tech bubble high of March 2000 of 5132. A monthly close in the 5200s now looks likely in May/June... which will have rather major implications for the broader market into the late summer/early autumn. As some might agree... it is.. what it is.


Nasdaq comp' monthly

Summary

Clearly, 5132 won't be broken today, but it looks probable by next Thursday/end-month.

Pretty incredible really, but what really matters is what it implies for the broader market. I've been highlighting that for months... but I won't go over that again this hour.
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Notable strength: BABA +3.1%... no doubt getting a little help via the gains in the grossly mis-priced AMZN.

BABA, daily

There is strong support in the $81/80 zone...  it would seem BABA will be trading in the gap zone at next earnings. Whether it can break above the big $100 threshold... difficult to say. What is clear.. unlike AMZN, BABA makes a huge profit, and looks fine in the near/mid term.