Is a $1,000 Google (GOOG) a Bull Market Climax?
Today, shares of the Internet giant reached the $1,000 mark for the first time after blow-out third quarter earnings after the close. The results pushed shares up 12.5% in early trade above the psychological mark.
Every bull market run in history has climactic moments that during the frenzy feed the bull, but when things turn the other way they can be recalled in retrospect... "do you remember when...?" In the dotcom bubble it may have been the $1000 Qualcomm analyst call. In the 2007-2008 meltdown it may have been Citi's CEO Charles Prince's comments that "We're still dancing."
Will Google topping $1,000 be the climax for this bull market run? This is something to ponder as the Fed gets ready to exit... maybe not this month, or next month, but before too long.