My answer is yes, but here is studied report on it from the Wall Street Journal. Notice how market tops reflect a totally different emotional display than market bottoms. Now Rupert Murdoch is spending $5 B for the Wall Street Journal, the Blackstone Group is going public, the real estate building boom continues non stop in Miami and Las Vegas.
This is because a market moving up that creates welalth also creates good vibrations as the Beach Boys might say. Consider the mergers in Oil Field Services. These mergers are taking place at all time high prices in the business, no one was merging in 1998 when oil was 12 bucks. And so the stock market continues to mock the traditional supply and demand economic theory. Traditional theory says that consumers want to buy goods at lower prices and that they avoid buying at higher prices.
Click on the chart of RIG at left to see what I mean. RIG is merging with GSF, both are in nose bleed territory having risen from the 20s to triple digits in the case of RIG.
Such is the nature of popular culture and the stock market, people buy and merge high,they avoid such mergers when prices are low.
Big Brokerage firms like J P Morgan and Goldman Sachs are collaborating on leasing new lavish trading rooms in NYC, all in the same building. This would never happen at a market bottom, only the inclusionary feelings of a bull market would allow it.
Prediction-I see a coming market meltdown toward October, expect the current rash of good feelings to darken by then.
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