The Longest Streak Since 2009

The Longest Streak Since 2009.

The Nasdaq-100 just posted its longest winning streak since July 2009, the floor of the financial crisis, when the S&P 500 hit an intraday low of $666.

Notice where the streak started, off the sharpest pullback of the year, driven by the Iran conflict escalation in late March. Both indices absorbed a near-war event, found a low, and staged their longest winning run in 17 years.

During the same stretch, the S&P 500 crossed 7,000 for the first time.

Back in 2009, the Nasdaq's streak that year came from the bottom, a relief rally after months of collapse. Buyers exhausted sellers. The winning streak was a symptom of a market that had simply run out of sellers.

This one is running in the opposite direction. It's not coming from a floor. It's coming from a ceiling that keeps rising. The driver isn't exhaustion: war resolution getting priced in, the AI capital expenditure cycle showing no signs of fatigue, and earnings growing as Q1 is tracking double-digit growth for the sixth consecutive quarter.

Until next week,
Jacob

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