Market’s record price action is mimicking late 1999 and it could spark a 10% to 20% correction, long-term bull Julian Emanuel warns

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A dicey situation reminiscent of the dot-com bubble may be unfolding on Wall Street.According to BTIG's Julian Emanuel, the market's record price action is mimicking late 1999, and it could spark a 10% to 20% correction within the next month."Be very much aware of the fact that if and when it reverses, the consequences could be severe," the firm's chief equity and derivatives strategist told CNBC's "Trading Nation" on Monday.On Monday, the S&P 500 saw its 53rd record close of the year and tech-heavy Nasdaq saw its 32nd. Meanwhile, the Dow is a fraction of one percent away from its record high."We're in a time where the impossible has really become commonplace," said Emanuel. "If we had said inflation would be at 30 year highs and [10-year Treasury Note] yields would be at 1.3% while the S&P would be at this level a year ago, no one would have believed you, me or anyone else."Emanuel points out the record price momentum is so strong, it's overshadowing serious near-term
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