Continued from part one….
The interview then moved on to discuss other market indicators. The divergence between the Dow Transports and Industrials, for example, as well as bullish sentiment in financial publications and the strength of the IPO market. Joe Feshbach drew parallels between the oil market and new issue market:
“...no different than oil at $48 everybody thought it was going to $70. The whole world wanted to get into the market, and all we saw was drilling, drilling, drilling, creating supplies, supplies, supplies -- thus leading to a top. The exact reverse took place at the bottom. Everybody wants to get out...The same applies in the stock market when prices are high in a certain area, the new...
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