In March, investors feared getting crushed in a further decline. Now all they seem afraid of is missing an even greater rally.he Dow had an uncannily similar 46.5% gain in the 117 days that ended April 9, 1930; it lost almost 51% over the next year. Another 47% upswing in 1971 led to a long, choppy decline of more than 37%.Don't be happy; worry.The market's light has turned yellow. Don't try to run it

Memories seem to be short when it comes to losing money. (When the AP asked an expert about the eventual fate of AIG, Fannie Mae, and Freddie Mac (FRE), the answer was “People have done well by trading them (in the short term), but when it gets to the end of the road, these stocks are going to be worth zero,” said Bose George, an analyst with the investment bank Keefe, Bruyette & Woods Inc.)The financial sector is not the only one where speculation is causing spectacular but unjustified price swings. Shares in VoIP pioneer Vonage (VG) have gone from under $.50 to over $2 in a week and there is no material news that could have caused the rise. It is only based on speculation, which has no solid information to support that a company which has been doing badly quarter after quarter, will suddenly do well.Not a single lesson was learned by some investors.