This is the 'secret' of how the market moves. When the biggest Egos in the market crowd think the market is going to stop trending - it just continues unrelentingly. Then whenever the biggest Egos in the market crowd think it is going to continue trending - it changes abruptly. Its like there's an underlying collective intelligence that knows which side the biggest egos are and squeezes the shit out of them. Even in RE, I know a lot of guys that though RE was way too overbought and that prices would come down. And when that happened they would buy RE on the cheap from all the suckers that bought high - this is pure egotistical 'my shit doesn't stink' thinking. These guys are so screwed now cause RE hasn't gone down at all, and whatever price depreciation has occurred got offset by interest rate increases. Remember how Brian Hunter got smoked in the nat gas decline. The market collective intelligence sensed he was both predicting and over leveraged and smoked him. Prediction and over leveraging yourself are the two biggest ego trips. Same thing with VN and thai stocks in 97. LTCM, etc. etc. etc.