NEW YORK (TheStreet) -- The stock indexes continued to move higher on Monday as the Nasdaq closed over the 5,000 barrier for the first time since the dot-com era.

The DJIA was higher by 155.93 points to close at 18,288.63 while the S&P 500 was higher by 12.89 to finish at 2,117.39. The Nasdaq closed up 44.56 points at 5,008.09 and the Russell 2000 was higher by 9.25 at 1,242.81.

The S&P 500 Trust Series ETF (SPY - Get Report) volume came in slightly over the 87 million shares mark.

In many respects, it appears that the hedge fund machines are on a mission to have the Nasdaq index set a new all-time high. The old high was 5,132 set in March, 2000. It appears that there is a growing anxiety among experienced investors and traders, those who have made long, successful careers in money management, that the system has morphed into a strange beast they no longer recognize, nor trust. Fear of epic, perhaps historic, doslocations in price when the current market reverses is causing more and more of the "smart money" to sell out now and seek safe harbor.

The momentum stocks of 2014, GoPro (GPRO - Get Report), Alibaba (BABA - Get Report), Yelp (YELP - Get Report) and others are all trending bearish in a time frame of three months or longer and are not part of the current bubble. The Nasdaq index, on a quarterly time frame, is extraordinarily overbought. During the dot-com era, the Nasdaq was not nearly as overbought compared to the present time period.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.