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Strategies & Market Trends : The Millennium Crash
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To: Joseph G. who wrote (862)9/19/1997 12:28:00 PM
From: Rarebird   of 5676
 
Joseph, the market has always been ( till now ) a discounting mechanism. But we are in a so-called "new era" now or mania where speculation rules and hardly anything gets discounted except making a profit. The public, which is in mostly over its head, has been drugged by the media and mutual fund industry into thinking that stocks go up over the long term, in spite of short term setbacks, or crashes. Illusions, like these are only broken when the handwritting is completely on the wall and it is clear as noonday light for all to see. In other words, I think the market has temporarily suspended its discounting mechanism, which is common when it enters its last great blow off stage in a bull market.
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