|
Michael, this market is reminding me more and more of the frothing at the top that I dimly recall from the Nikkei in '89. Giant moves, 500+ points a day being common (while in the 35000+ area). From what I read in my local paper last week, 1999 broke all records for volatility in US markets (as defined by up/down 1% for day), and so far in 2000, it has stepped up not only in frequency (by close to 50%) but greatly so in magnitude. To see daily swings, sometimes intraday, of 3, 4, 5% while everyone is saying it's normal just boggles my mind. Quite a case of manic depression, I'd say. And after 6 years of mania, I don't have much doubt about which mood swing will soon rule the day. |
