I am tired of reading the hysterical pundits who claim that now that the Nasdaq Composite has retaken its 2000 high, the market is a bubble and near a top again. Are they for real? During the 6 months leading up to the March 2000 top, that index had a climax run, rising from an October low of 2632 to a March 2000 high of 4573 (see monthly chart below). That is an increase of 74%! During the past six months in 2014, the Nasdaq has climbed from an October low of 4117 to a recent March high of of 5009. While nice, this is a rise of 22% and nowhere near the climax run experienced in 2000. Market tops often come after a huge advance that brings everyone in. It is yet to come this round.