Nasdaq 5,000!  

There's a level we haven't seen since the Dot-Com days.  After 15 years, we're back over 4,800 for the first time and it would be a real shame to fly so close to the sun without getting a chance to melt our feathers at 5,000 once again, wouldn't it?

While I doubt we'll get there by the end of the year (tomorrow), 2015 would have to be a serious disappointment if we can't make 200 more points (5%) on the Nasdaq.  (AAPL) is once again our Stock of the Year for 2015, so we do expect it to happen – as AAPL is about 15% of the Nasdaq but, heading into the holidays, we're SHORT on the Nasdaq as we don't like that HUGE gap down to the 40-MONTH moving average at 3,750, which not at all coincidentally is a 50% retracement of the current stimulated run-up.  

What will bring the Nasdaq back to Earth, I can't say for sure but, like the Ghostbusters, we shall CHOOSE the form of the destructor and it will come for us. There are SO MANY potential ways the markets can sell off: Oil, Russia, Greece, China, Climate, Liquidity, Deflation, Inflation – these are all problems that are going on in different parts of the World that we are, for the most part, ignoring at the moment.  

Don't get me wrong, we can ignore problems for quite a long time. We're very good at ignoring problems and even pretending they don't exist (cough, global warming, cough, cough) in order to just get on with our lives and avoid dealing with things. Baseball, apple pie and burying our heads in the sand like ostriches is the American way these days and I'm not saying we should buck the trend – let's just make sure we're aware of it.  

We're still long-term long and will remain so until the Fed(s) run out of money (or the ink they use to print more money with) but, short-term, we're well-hedged for a correction over the next 60 days that could take us halfway to that 3,750 mark (back to perhaps 4,250) as a NORMAL CORRECTION after such a massive run-up without one.  Notice in 2000, we stopped right around that 3,750 line and bounced back up – THEN we crashed and burned…