That may explain at least some of the recent volatility. Marketplace euphoria drives up Internet shares.
Edgy traders prompt a volatile day on the exchange.
For all the investor-speak about economic fundamentals and information flows, the psychology of a market has as much or more to do with where it's headed. Each market's psychology has its own quirks. The values of a society, not to mention its investment culture, play a big role in molding the individual investor. When you realize that they lost everything twice in recent history, it's easier to understand why. This conservatism has a profound effect on market behavior.