Yeah, but you're a scalper, a skimmer. You're just trying to take a little off the top. What do you care about valuations and what's going on in the world other than it MIGHT give you clues as to which way you should be leaning. You're bread and butter is musical chairs and the greater fool theory.
Now the mutual funds are suppose to be "investing" the money given to them by the great unwashed. The only way a YHOO can get a market cap so ridiculous is because the mutual funds are no longer "investing" but now playing in your sandbox - playing musical chairs and greater fool. And this is pretty much borne out by the statistics showing 40+% of all trading these days is being done by the computers, program trading.
That is directly contrary to the supposed implied purpose of the markets, investing. The raising of capital by businesses from individuals willing to take a greater risk for the possibility of a greater return. That would seem to indicate the use of reasoning and logic in picking the companies you choose to invest in and not just, can I find somebody more stupid then me.
Reminds me of the story I read, can't remember where it was, but some foreign market where the game of musical chairs was way past the stratosphere, and on it's way past pluto. Something happened to cause the markets to start to implode and they locked up. The next day to fix the "problem" they just decided to close the markets forever. It had gotten so ridiculous, and the players knew it, that they just took all the chairs away. Said games over. That's it. Go home. Get your money back? Yeah right.
So don't confuse what you do with investing. But it at least should concern you a little when the mutual funds start muscling in on your turf. When you get to many people trying to play your game, it breaks it. Wednesday when YHOO coughs up it's numbers should give us an indication of whether it's party on time, ie the mania is starting to go to extremes, or if there is still anybody left doing "real" investing.
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