Nasdaq's streak, even if it ends, may be a bullish sign for the broader stock market, strategist Ryan Detrick says.
div > div.group > p:first-child"> The tech-heavy index is down 2 percent since Monday, coming off its longest weekly winning stretch since December 1999. That run preceded the dot-com bust just months afterward, a wave of selling that swept tech stocks from highs.
In the past eight 10-week win streaks for the Nasdaq, the index was up an average 4.4 percent in the following 12 months. Stripping out the 2000 dot-com bust, the Nasdaq was up an average 10 percent in the 12 months afterward. "These streaks that we're talking about really do suggest to us that this bull market is alive and well and new highs in the S&P and Nasdaq in the second half of this year," said Detrick.
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