sb..."capitulation of the press"
great article, brings a true perspective....as i stated on monday, when wall street becomes main street, and it is the front story on the local news, then a turning point be it top or bottom is in sight....
and i actually believe a new bubble can occur...why, because we are in a society of excess, as never before...if the market turns without the classic capitulation, then it would be indicative of a less then fearful style of investing...the 1973, and 1987 washouts were from not so sky high levels...many investors lost all they had, with no employer contributions to replenish yearly some of their account...the previous falls were from the second floor, the current from the penthouse....and human nature is such, that once something was achieved, ego tends to believe it again can be achieved.....
right or wrong, when psychology turns positive, momentum will return much faster then in previous bear markets.... |
