The NASDAQ Composite Index (Symbol: COMP) is a broad based, market capitalization-weighted index of domestic and international stocks listed on the NASDAQ stock market. In simplest terms, it represents the market value of the entire NASDAQ stock market. It is scaled to a base value of 100.00 on the starting date of the index – February 5, 1971.
The last two times the NASDAQ Composite Index closed above 5,000.00 were on March 9 and 10th of 2000 at the height of the .com boom. It is now almost exactly 15 years later that the value of the NASDAQ stock market has returned to it’s past value.
Last night I had a dream that the stock market went up a lot today – I remember in my dream that AAPL was up over 10%. Well, obviously I was just dreaming but it is interesting that today the NASDAQ Composite Index may cross a critical milestone. I see a high probability of it hitting above it’s intraday high of 5132.52 and closing above it’s closing high of 5048.62 on or around March 9, 2015. This time it will stay and 5,000 will become a barrier on the low side that will not be crossed again for a while.