Free Republic

Unedited. The stock market demonstrated dynamics of a vulnerable speculative Bubble this week. Volatility was extraordinary, especially in the more speculative areas of the marketplace. For the week, the Dow gained 2% and the S&P500 added 1%. The Transports jumped 2.5%, increasing y-t-d gains to 29%. The Utilities were about unchanged. The Morgan Stanley Cyclical index added 2.5% (up 43% y-t-d) and the Morgan Stanley Consumer index increased 1%. The leading S&P groups were Steel, Movies & Entertainment, and Automobile Manufacturers. The broader market was exceptionally volatile, but ended the week with decent gains. For the week, the small...