As the stock market races to uncharted territory, ‘irrationally bullish’ investors are getting nervous

By MARK DECAMBRE

Where is this dazzling bull market headed in the coming days and weeks?

That is the trillion-dollar question some nervous strategists, analysts and traders are wrestling with, following a relatively brisk rally for equities to kick off 2020.

So far, major indexes have checked all the boxes for the bulls. The Dow Jones Industrial Average DJIA, +0.17%  traversed a milestone at 29,000, the S&P 500 index SPX, +0.39% followed with its own landmark turn above 3,300 and the Nasdaq Composite Index COMP, +0.34% is rallying like it is 1999. And that’s all within the first 11 trading days of 2020, in which the Nasdaq (and the S&P 500) have closed at all-time highs more than half the time.

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