Chart of the Day - Friday, October 25th, 2019

Today’s Chart of the Day was shared on Twitter by Peter Brandt (@PeterBrandt). It's a weekly candlestick chart of the Nasdaq 100 index ($NDX). The Nasdaq closed at an all-time today for the first time since late-July. Peter sarcastically makes the point that all-time highs are not something you see in bear markets. Instead, all-time highs are confirmation of a bull market. Peter's comment reminds me of the old adage: "markets advance on a wall of worry and decline on a slope of hope." In the three months since the last all-time high, sentiment got extremely bearish. There was no shortage of daunting headlines, from the inverted yield curve to the China trade war to a potential presidential impeachment. Yet, here we are with the Nasdaq ending the week at all-time highs.