All is not happy is Dot.Com land…

Call this the bursting of the second “Second bubble.”

As the Nasdaq has climbed back to his its 2000 highs, a rally in that time fueled by the frenzy of theĀ  “First bubble’, this latest climb has again featured may internet related stocks, notable long-time leaders like AMZN, FB, and IACI, but also many newcomers. It has been less frenzied this time, so less frenzied that few have even noticed the pattern playing out again.

The trouble is many of the newcomers on this rise have already lost their bubble luster.

With such falling rocks as TWTR, P, ANGI, GRPN, Z and YELP, it is not a happy time after moments of over-blown bullish bubblicious fame on the internet.

None of these stocks are bargain buys with the possible exception of ANGI which at least has begun to base at a level just above the dreaded plunge into oblivion below five dollars (making it, at best, a buy it and forget it until it makes money or shows up again as cash on a sub-$5 stop-loss).

GRPN, seemingly slipping forever, may end up on the final slide to nowhere.

History, in the stock market particularly, does, indeed, come around and around and around…

(Click on the chart for a larger image)