The past week's tumultuous stock market action harkened back to the dark days of 2000 as the dot-com bubble was bursting, according to economist and strategist David Rosenberg. With tech leaders sagging and investors heading for cover, the widely followed market bear sees similarities between two eras that showed overheated investor sentiment and an overvalued market.
Neuman feeling when I look at the action in the equity market and the reasons for this relentless exuberance," Rosenberg said. In this week's American Association of Individual Investors survey , bullishness hit 52.7%, just a shade off its 12-month peak while bearishness nudged higher but to just 23.4%. Similarly, the Investors Intelligence poll of newsletter authors saw its spread between bulls and bears hit its highest in three years.