Look at the headlines. And the big long list of layoffs keeps getting bigger , with old and new economy unloading warm bodies. Outside the USA, Europe and Japan are anemic. Technically, the gross national product must decrease for two straight quarters for a recession to exist. We haven't hit there yet, though plenty of people expect it.
Old habits die hard.
The gold rush might not return in full glory, but we might see a scary bear market rally that will kick bubbleheads in the head once and for all. All the merchandise is on sale - good stuff, bad stuff, everything. Historically, bears don't last as long as bulls, but the segue catches most people off guard. By the time the downturn ends, the dumb money will have missed the boat as usual. Chris Stamper has been through more dot-coms than a rabid venture capitalist.