This Euphoria Looks Very Much Like Old-Fashioned Complacency

We often associate euphoria with excitement, jubilation, and excessive risk taking. Things like people slapping each other on the back in public, complimenting one another and themselves for their genius when discussing their recent stock trades. Vows to never allow a repeat of the torture and mental anguish suffered last time around. Corrections and crashes of years prior, a distant memory. Arrogance, even.

It was almost exactly a year ago, here, that I discussed sentiment readings on the other side of the spectrum as possible reasons to feel optimistic. Despite the relatively severe correction we were enduring, and extremes in bearish headlines and sentiment, patience and even bullishness were most appropriate. At the time, the S&P 500 was at 1850. We closed above 2300 Friday. Everything is always more clear in hindsight....898 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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