The last broad participation bull market that Australia had was 20 years ago……change my mind.
The chart below is of the number of cumulative new highs-new lows for the All Ordinaries Index.
As you can see the last defined upswing with broad participation was in 2003/07. Interestingly this was also a period when the local market outperformed the US. Since then the market has meandered.
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Yes, but one can draw a variety of conclusions based on time frame and chart modality.
I have before me a yearly chart of the SPX going back to 1950 and, if one also charts it on a log scale, the impression is not the same in magnitude at all. In fact it looks to me, on that chart, that there have been two flat spots in that time and they were 1965-80 and 2000-2013.
But I couldn’t make the same observation of the present time. Maybe it has flattened ever so slightly since 2021 but that is all. The rest looks like a secular bull market.
I would posit two things.
1. The time frame of your analysis matches the time horizon of your investment. I dont know of anyone who makes trading decisions based upon yearly charts.
2. We dont see the world in a logarithmic manner – we see it in a linear scale.
And I wish I could have posted that chart on this site, but technology seems to forbid!
The site is designed to prevent the uploading of perceived malware from external sources.
Ha Ha, Coffee Mate.
Nope no idea what this means.