By historic Nasdaq standards we're not bubbling yet - but we're walking with the same strut.
Sticking with the Meridian profile we have been working with, below is a comparative performance of the Nasdaq, circa 1995 - built out from each respective cycle low.
Click to enlarge chartsLest we forget, Greenspan didn't call it Irrational Exuberance for nothing. Although truth be told, that phrase wasn't coined for over another year in December 1996. By that time the Nasdaq had risen ~285% above the October 1990 financial crisis low.
Of course, irrational is a relative expression and state of mind. Point being, the real parabolic performance swell didn't show up until after the LTCM crisis in the fall of 1998.
At it's zenith in March 2000, the Nasdaq composite index was over 1400% above the 1990 crisis low.
Perhaps it's the Russell's turn this time...