Market Mania

The Dow marched past 13,000 today. This is quite a feat especially when you consider that only a couple of months ago the Dow took a one day 400 point plunge. I've often felt like that many market milestones are an excellent proof of mass psychosis. A bunch of fat old goats circle the old watering hole, taking their alcoholic gastritis out for a ride, and the talk turns to how close we are to the next mile marker (13,000). The next thing you know the market herd goes thundering past it. Tomorrow there will be a fair amount of back patting and self congratulation. Then some number will come out that reminds us the market is based on actual economic fact, and common sense and reality will return. As a capitalist from way back, I'm delighted to see the markets progress no matter the cause.