"Markets are the sum total of the wisdom and stupidity of all who trade in them and are collectively given over to the most basic of the collective psychology! The dot-com bubble was indeed a bubble, but iit grew from a small group to the largest group, collectively fed by mass mania, until it ended. (Not much thinking here!)

The economists among us missed the bull run entirely, but that proves only that markets can indeed remain irrational, and while the economic fundamentals may eventually hold the day while in the interim, psychology holds the moment."

That entire exerpt is from the annals of Dennis Gartman who is the first to say, "I've won some, I've lost some and I've broken even on some and oft times I've made it where I least expected and vice-versa!

There are no simple rules! The rule which best sums up all the rest is "Do more of what is working and less of what is not!" (A simple rule in writing, a difficult rule to act on!)

For many of the longs on this board SAN has worked magic!

IMHO, when "mass mania" stops by to consume SAN, for me the end will be near at which point I will "diversify!"

RUF