All the media hand-wringing over a possible government shutdown didn’t affect the market as it just went about its business of making new highs. The NASDAQ Composite Index posted an all-time high on Friday, extending its upside run in 2018. In the process, it closed above 7300 for the first time in its history and exceeded its inflation-adjusted high of year 2000. Volume was lighter despite it being the first options expiration day of the year.
Small-caps are starting to percolate here as the Russell 2000 Index attempts to follow through on its breakout to new highs two Fridays ago. This past Friday the index posted an all-time closing high. With its larger-cap brethren extended, I’m looking for small-caps to start participating with a bit more vigor if this market rally is to continue.
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