Speculators can usually find an abundance of literary food suited to their particular tastes, as witness the following, issued by a prominent market forecaster simultaneously with the above: “We wish you to keep in mind that the biggest speculation yet witnessed in the present bull market is still to come. Now that the reactionary trend in the market has been definitely halted, you can look with assurance for higher prices in many issues in the near future. Continue to pick up our favorites as outlined in our letters, as we expect them to prove features.” Most of the “favorites” were then selling at figures far above their intrinsic worth, and many of them have since fulfilled the prediction that they would “prove features,” for soon afterwards they declined anywhere from ten to fifty points. The active participants in a market that has run a long course in either direction are wont to become so intoxicated with affluence, or downcast with adversity--depending on which side they have been operating--that they give little heed to the matter of interpreting signs which forecast future events, particularly if these signs controvert their own opinions. A man driving an automobile at a sixty-mile-an-hour pace does not stop to read signs by the roadway; and no more does a trader bother with warnings when a prolonged series of stock market victories has blurred his vision to everything but prosperity. As every unfamiliar noise or object tends to aggravate fear in those who are frightened in the dark, so every concurrent happening stimulates courage and recklessness in those who become emboldened by stock market success. Paradoxical though it may seem, many things which are construed bearishly in a falling market are regarded as bullish in a rising market; and signs which portend higher prices in the mind of a bull are equally significant of lower prices to the mind of a bear. In other words, both bulls and bears often derive their opposing opinions from the same identical hypothesis. These strange anomalies are not mere theories, they are attested stock market facts.