The Nasdaq composite is ticking ever closer to 5,000, a level it has not breached since the heady days of March 2000. But it may have to take a breather before it gets there, according to Chicago-based trader Jim Iuorio of TJM Institutional Services.
"Many times we make a run for these big, huge goal posts in the distance, and the market gets tired at or around these levels—and I think that's what's going to happen now," Iuorio said Thursday on CNBC's "Futures Now."
Still, Iuorio discounts the argument that flashbacks of the dot-com bubble are making traders reticent.
After all, it's taken an awfully long time for the Nasdaq to get back to those levels—a very different pace than was seen at the end of the 20th century. And today's rally is being led not by speculative names, but by stocks with grounded valuations like Apple.
Compared to back then, "everything is different," not least the value of the dollar (in which the Nasdaq value is given).