The market made it four-for-four in 2018, rallying strongly every day this week. On Thursday, the Dow Jones Industrials cleared the mythical 25,000 level, bringing out “Dow 25,000” hats on the floor of the NYSE. These days, however, the exchange is a ghost town compared to what I remember it as back in the day when I used to roam on the floor with our floor brokers at William O’Neil + Co., Inc. The media did a great job, however, of making a handful of NYSE floor denizens look like a crowd in its well-placed camera shots.
The move on Thursday reminded me of an old IBD workshop way back in 1995 when Bill O’Neil used to charge $695 for a full day of instruction, and if you were lucky he might sit at your table for lunch. At that specific workshop, in response to a question, he said that yes, some day the Dow would no doubt go to 25,000. That brought out several guffaws and harrumphs from the crowd, but it sounded reasonable to me.
On Thursday, I finally saw it happen, over 22 years later. A momentous event for the media, no doubt, but for me it helped to conjure up old memories of “the master.” Once again, Bill was right! That memory certainly brought a smile to my face Thursday morning right after the opening bell rang and I saw the numbers tick through 25,000.
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