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Opinion
Barry Ritholtz

Why Is Calling a Market Top So Hard?

Figuring out when a market has hit bottom is easy compared with knowing when it hits a top.
You would think it would be easy to know when you're at the top.
You would think it would be easy to know when you're at the top.

Each morning, I go through a similar routine: I wake up (no alarm clock), go to the kitchen to get a cup of coffee (this is my machineof choice lately), launch a script that opens 40 or so Firefox tabs. As part of my morning research, I quickly scan this series of websites to see what happened overnight, and what might be interesting.

Part of that list is Jason Zweig's "This Day in Financial History,'' which led to this morning's gem: Today in 1997: