Reply #6: I quoted the Wood article Saturday over in GD [View All]

[Maeve]

Some folks who believed the happy talk could not understand how there could be a contrarian position--wasn't everything economic good, according to reports? Sigh...

Futures started jumping up earlier this morning, but there has been more of a disconnect lately between futures and actual market behavior, so take that for what it's worth.

And here's another commentary to toss on the pile:

Irrational Exuberance Redux
Lot's of valuation levels are back to where they were when Greenspan made his famous comments.
October 24, 2003: 11:36 AM EDT
By Justin Lahart, CNN/Money Senior Writer
NEW YORK (CNN/Money) - Remember irrational exuberance?
The first time most of us heard the term was in December of 1996, when Fed Chairman Alan Greenspan used it in a speech. It prompted a little worry among Wall Streeters at the time, but just a few days later it was off to the races.
Considering all that happened after -- the big bubble and the big blowoff -- lots of investors wish they had listened to the Chairman back then. And some of them also wish that the Chairman had listened to his words as well, and done something to keep the markets from getting out of hand.
Nobody talks much about irrational exuberance these days -- things just don't seem silly like they did in March 2000. But with the recovery in the market, stocks are beginning to look at least as expensive as when Greenspan first breathed what will go down as his most famous words. <more>

I'm out and about again today, so y'all enjoy the ride! I'll check in later.