On self-fulfilling prophecies

IWNATTOS writes a fine piece over at his blog today. Go check it out, but here's a chunk to get you thinking first:

"...the market wants the market to crash 200 points like last fall. Unfortunately, despite all the worry being spread thru the blogosphere, it's just not going down that well.

People are even comparing the present slowing upward trend of the spring with the nasty lower-high rounded top that presaged the enormous downward kablooie of 2007.

And yet the market's not going down. If sentiment sucks so bad, why isn't the market going down? Because something else is keeping it up.

And bloggers are stupid humans. Don't forget that. Ritholtz loves going on about investor psychology and how it stops you from making money - but why doesn't he write an article on how investor psychology also makes bloggers write bullshit?"

whole thing right here