Not there yet, mate. Still got legs in it: you'll notice a lot of traders who went through the tech wreck coming on here and saying "we're near the top, we're near the top" in recent days, and have stated they are sitting on a greater percentage of cash than normal.
The dot com bubble is totally totally different to this market, and not just in the fact we are talking about different market sectors.
I can hear seasoned traders going: "but every bull market is a bull market no matter what sector, and things are getting silly in this market means its the coming towards the end."
I disagree. Fundamentals point to a very different picture. For instance, copper is near all time lows in inventories, and there has been such a dearth of investment in new mines and the resource sector in general, that alone will keep supply lines tight and prices up for the forseeable future.
We are due for a market retracement in resources, but there are other sectors that will take off as the US share market continues the current bullish indications into the new year. Don't forget, we have seen a double bottom in the US sharemarkets, and the indicators are very bullish for at least the first half of 2005, and if this is a correct reading, the ASX will go higher as well.
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