Some take off slowly then burst into brilliance. But investors who buy in at the top of these climbs usually get burned. Other firecracker markets are more noise than light, with analysts talking up profits that buyers never see.
Some exchanges are duds, and some seem to go from one beautiful starburst to an even loftier one.
That last pretty much describes Wall Street. Even contrarians who predicted that a 5,000 Dow would kill the rally have put away their gloomy predictions and cheered as New York's blue-chip index soars toward 8,000. In addition, Europe, including Eastern Europe and Russia, Latin America and even some markets in Africa are starting to sizzle. But Hong Kong, a place that appreciates a nice pyrotechnic display, looks pretty attractive. More than ever, successful investing depends on understanding global markets and appreciating how individual regions fit into the big picture.