I worked in the biz through the tech bubble, and all you really need to know is that the pervasive sentiment is "it will never go down again" or " its a new paradigm". Does that apply to GC right here and now? Yes. Can it go higher? Of course. You should read : Irrational Exuberance http://www.amazon.com/Irrational-Ex...=sr_1_1?ie=UTF8&s=books&qid=1257344509&sr=8-1
Of course. The credit worthiness of the US would improve once they unilaterally cancel obligations to their own citizens, however credit worthiness would deteriorate if they defaulted on national debt.
Carbon copy to what you just witnessed in the real estate market. Everyone and their mothers where flipping in and out of tech stocks. The stylists themselves where giving their clients hot stock picks...Stocks down 40 points just to be up 70 at the EOD...peace