Dow hits new record (but is it really a record?)

After the Dow Jones Industrial Average opened above its closing record the Dow intraday trading record (14,198.10, October 2007) has now been smashed.

(Source: Yahoo! Finance)

The index has already been above 14,200. However, while this important psychological barrier has been broken, it is only a nominal record. In real terms, the Dow is still well behind its 2007 record and it's taken about five years and four months to get there. We should also be concerned that we could be riding another bubble.