They said the market could only go higher. They said there would never be another bad day. They said only fools would be caught short.
They said a lot of nonsense. Intoxicated feeder cattle bulls, that is.
Let no one in the room sound like a self-righteous teetotaler. As far as I can tell, the whole town got drunk. Given how August futures relentlessly climbed from 170 in early February to over 218.50 last week, the irresistible celebration was like a German beer garden on steroids.
But the wild party that once seemed unending has finally started to wind down ...