Normally, the short-term price curve should look like a random walk. That said, a vast majority being certain the price cannot drop is excessively bullish.
And every time I see excessive bullishness, I think it's time for a crash. A market in which more than half of the people take "up!" as the only answer to speculation isn't too healthy.
And every time I see excessive bullishness, I think it's time for a crash. A market in which more than half of the people take "up!" as the only answer to speculation isn't too healthy.
I'm not sure about a crash, but a correction was certainly due. When people are running around the forums shouting 'only way is up' and 'look out $8, here we come!' in unison then you know something is wrong. Too many people are on one side of the trade.
It's like
FTFY
The market knows nothing. The market slaps nothing.
Market participants know things. Market participants slap things.
The market is a generic term to describe the actions of the participants. To describe actions of the market as the actions of a collective of individuals is bordering on tautology.
But the way I said it doesn't imply some magical force.
LOL such as astrology?
Sorry, I had to. 
