Is anyone else as scared as I am?
Every morning over the past month when I wake up, I dread hearing "and the DOW is poised to hit another all-time high today."
It seems that everyone is focusing on what's pushing this up. There are many justifications and speculations, but honestly does it really matter? The question we should be asking is when it's all going to come down.
Last night, I read about the dot-com bubble and there seems to be some parallels. Obviously, this is not 1999. But some of today's inflated share prices - many seemingly on nothing but good faith - are disconcerting.
Attached is a Journal article (the link was blocked) from today about the record IPO numbers from 2013. Yet another artificial (right?) inflationary occurrence.
Then again, there's the argument that the DOW is just an arbitrary group of numbers and is not necessarily the greatest economic indicator. It most definitely is; but share prices are based on expectations. The indices set those expectations and therefore the psychological limits.
I've digressed a bit, but the point remains.
I'm more nervous about the markets than a ceiling fan store owner with a combover.