Word: nasdaq
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Years? No one frets about herd behavior when it's the bulls who have everyone brainwashed--as was the case last year. Who didn't enjoy that historic 86% jump in the NASDAQ? The gain overwhelmed economic fundamentals, though. Fueled by our faith in technology and the riches minted in previous years, mass psychology swung to the greed side, and stocks were viewed as a bargain at any price...
...paying in flesh--the fear side. Amid unprecedented and treacherous trading volatility, the NASDAQ has fallen nearly 40% in the past six weeks and shredded the nest eggs of untold numbers of latecomers. That's why it's best to have both bulls and bears striking a balance--to keep stocks tethered to reality. Lose that equilibrium, and you get boom, bust, pain...
...down, for the first time in more than four years. But there might be some help wanted on Wall Street soon, because Friday's unemployment report is the stuff rallies are made of. Just a half-hour into the trading day, the Dow was up 175 and the Nasdaq almost 200 (with inflation-fearing bonds whooping it up right alongside them) as investors saw visions of the long season of economic overdrive, interest-rate hikes, and neurotic markets drawing to a close. "This is the latest sign that the economy is slowing down, and because these are labor numbers, they...
Once upon a time in March, when the NASDAQ hit its record high of 5048 points, tech investors were seen all over Wall Street's bars and restaurants, hoisting microbrews and declaring they couldn't be bothered with the insipid Fed-watching that had gripped their Old Economy brethren ever since "irrational exuberance." We're betting on the future, they said, and the future is always bright for geeks. Now, two months and a staggering 37 percent later, NASDAQ is the wisp in the Fed's wind. Tuesday, week-old worries about another interest rate raise in the wake...
...economy, trouble is definitely in the wind. And now that investors have glimpsed the tech sector's mortality, and read the news articles about venture capitalists turning off the money - and seen venerable Cisco Systems mired in the low 50s - trouble from the Fed is likely to hit the NASDAQ first and hardest for a while. Those techies had better pray that the next batch of economic numbers are tepid enough to get Greenspan's foot off the brake...