The Nasdaq 100 index (NDX) has achieved a significant milestone by staying above its 20-day moving average for 60 consecutive trading days, the second-longest streak in its history. This rare event occurred during the dot-com boom in early 1999 and is being referred to as “Party like it’s 1999” by BTIG strategist Jonathan Krinsky.
The index’s strength has led to gains in the Invesco QQQ ETF (QQQ), which tracks the Nasdaq 100. The ETF has jumped 17% since June, bringing its total year-to-date return to 10%. Its surge demonstrates confidence in large tech and growth stocks, making up a significant portion of the index.
Top performers in the Nasdaq 100 this year include Palantir Technologies (PLTR), Zscaler (ZS), KLA Corp (KLAC), Strategy (MSTR), DoorDash (DASH), Constellation Energy (CEG), Lam Research (LRCX), CrowdStrike (CRWD), MercadoLibre (MELI), and Netflix (NFLX).
Wall Street analysts have a Moderate Buy consensus rating on QQQ stock, with 92 Buys, nine Holds, and zero Sells in the past three months. The average QQQ price target of $603.33 per share suggests 6.8% upside potential.
Note: The article has been simplified to retain essential information while maintaining clarity and concision.
Source: https://www.tipranks.com/news/party-like-its-1999-says-btig-as-pltr-mstr-and-others-fuel-nasdaq-rally