Actually, euphoria does come back in cyclical bull moves in a secular bear period, but it just does not go to the extremes of the bubble. I have an outside chance of a top of 2388 on the Naz sometimes before the next cyclical bear takes hold, if such a value is achieved, it will be only du to "euphoric" valuations. In that period, I would not be surprised if the Dow prints a new all time high above 12,000 to turn the last bear into a bull (g). That will be indeed "euphoric" and a ripe time to get out again of equities.
Zeev
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