Irrational Exuberance? We Are Now Below It . . .

slipslidingaway

(1000+ posts) Send PM | Profile | Ignore

Tue Mar-03-09 12:06 AM
Original message

Irrational Exuberance? We Are Now Below It . . .

http://www.ritholtz.com/blog/2009/03/irrational-exuberance-we-are-now-below-it/

"On December 5, 1996, Alan Greenspan gave his famous Irrational Exuberance speech.

At the time, the S&P500 was at 744.38. It blew through that number today, closing at 700. We’re still 350 points above the Dow’s closing price of 6,437.10; The Nasdaq is a stone’s throw (22 points) from its closing price of 1,300.12.

In other words, the SPX is now lower than when Greenie gave his infamous speech 13 years ago, and the other indices are just above their levels when Al was suggesting that buyers had gotten too, well exuberant.

Astonishing . . ."

Printer Friendly | Permalink | | Top

Oregone

(1000+ posts) Send PM | Profile | Ignore

Tue Mar-03-09 12:15 AM
Response to Original message

1. No biggie. I prefer being on the bottom.

Printer Friendly | Permalink | | Top

elleng

(1000+ posts) Send PM | Profile | Ignore

Tue Mar-03-09 12:19 AM
Response to Original message

2. Good;

heading in the right direction, toward properly valuing market assets.

Printer Friendly | Permalink | | Top

slipslidingaway

(1000+ posts) Send PM | Profile | Ignore

Tue Mar-03-09 12:41 AM
Response to Reply #2

3. Agree...the late 90's were not sustainable. n/t

Printer Friendly | Permalink | | Top

elleng

(1000+ posts) Send PM | Profile | Ignore

Tue Mar-03-09 12:50 AM
Response to Reply #3

4. I'd watch Rukeyser every week,

and they KEPT asking, 'When is this gonna burst???' TOOK a while.

Printer Friendly | Permalink | | Top

slipslidingaway

(1000+ posts) Send PM | Profile | Ignore

Tue Mar-03-09 12:56 AM
Response to Reply #4

5. I did not start paying attention until 1999...

but when I looked back at the divergences on the advance/decline line with the averages I can see why some were asking that question, took quite awhile!

:)

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Tue Apr 30th 2024, 08:50 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.