Yes, the NASDAQ Index (in a BUBBLE of "irrational exuberance") has been trading essentially at 2000. Pause and marvel at that number.
In January of 2004, the Nasdaq pushed through 2000, but was not aable to sustain itself above 2200, and was soon back below 2000. Or I may even be remembering the year wrong, since there was a time that 1673 was a mediuim term high for the NASDAQ.
Do you realize that the NASDAQ is almost at the MIDPOINT between its decade high and decade low. Does that make any sense at all? Of course not. It means that the computer gamers have created a clear BUBBLE in fad NASDAQ stocks. There are MANY Nasdaq stocks selling at 20% of their decade high, or less. I am talking about the time after the dot.com BUBBLE burst, to the present. Are we REALLY at a MIDWAY point, economically, for the decade? Nope. I don't accept that the stock market is looking FORWARD. In the first place, it is a LIE that the computer gamers on Wall Street "look forward", except in considering current HYPE as to the "future". But if you really think that economic prospects for the next year or two are AVERAGE for the decade, you belong on Wall Street. You, too, could qualify as one of the Stupidest People on Earth.
Q.E.D. Wall Street contains the Stupidest People on Earth. Nope. The idea that tech is "different" is a dot.com illusion--a symptom of the insanity of the dot.com bubble rather than of rationality. The overall economy affects NASDAQ compnaies just like it affects the rest. I am perfectly aware that some big, fad NASDAQ tech companies (like APPLE) have done RELATIVELY well--sometimes well even on an absolute basis. But they are NOT "immune" from the economy, and it is RIDICULOUS for the NASDAQ to be yet again in a BUBBLE, almost at the midpoint of its range since the bursting of the dot.com bubble.
As I have repeatedly said, Wall Street people lack one of the fundamental characteristics of being human: They do not LEARN.