whats the opposite of irrational exuberance

OK - this is now getting ridiculous. Talk about mass psychology and panic-driven selling aginst all reason.

When Greenspan came out with his immortal phrase, the market was certainly overheating and people were buying based on rumour and fresh air.

But now the opposite is happening. NOTHING has changed with the fundamental fact that we still have the resources, China, India, USA, and the rest of the world still need them, and most businesses are in very good shape indeed.

As for the uranium stocks, there is absolutely NO logical reason why the prices should go down, when the price of uranium has gone inexorably UP. Stocks like Paladin and even Summit, being sold down so far is irrational panic selling at its worst.

The old saying about "the market is always right" is one that I would argue with. While obviously I cannot influence the market, there are certainly times - like now - when the market has most definitely got it wrong. This is much more than a "correction". This is way oversold on most stocks, and like a pendulum, the momentum must swing back the other way at some stage.

Meanwhile, for those of us who cashed out of a few stoplosses and are sitting on a pile of cash, now may be a good time to run those scans and start looking for the bargains - there are plenty out there. I've been quietly buying a few things today, averaging UP into stocks that are still in uptrends and where I'm still already well into the green. I don't think I'll regret it over the next few weeks or months.