Gapping Up And Nasdaq New Highs

The remarkable run in stocks is set to continue this morning, with the futures indicated to gap up again this morning.

In yesterday's report, we took a look at the 3-week rise in the S&P, totaling more than 6% as of Monday's close. And, of course, it also reached a new 52-week (and all-time) high.

Now we're gapping up at the open. That combination hasn't happened since March 22, 2000.

If we relax the parameters and look for a gap up after a 5% rally (instead of 6%), then we get a lot more instances, but it still wasn't a great time to jump in for short-term traders.

The past few weeks have been truly extraordinary in just about every sense, and it has pushed a great number of stocks to new highs, especially in big tech. Over the past 5 days, an average of more than 25% of the components in the Nasdaq 100 have reached a 52-week high. In the history of the QQQ fund, there have been only 2 other times it has seen a push like this, both in 2013.

Amazing times.