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"There's no REASON for it..."
That's the kicker right there. People aren't thinking reasonably or rationally in the markets right now, and it's doubtful whether they ever have. It doesn't matter what the actual numbers are, people who want to panic will panic.
When DO people think rationally in the markets? Bad economy, everybody oversells. Good economy, everybody overbuys. There is no rational thought or logic behind the stock market. That's why the guys with PhDs in psychology and decent business sense rock the shit out of it; they know how people think and they do a great job of predicting how stupid people are going to be in certain situations.
At least that's my take on it, as a guy that knows very little about the markets.
Show me a psych PhD in the market, and I'm likely on the other side of his trades making bank.
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