Rubenov: Dangerous markets when all indexes move unidirectionally in reaction to a few words... same as late 2011 -- no stability -- uninvestible.

Bob de'Long: lol, that's when you can make money. When the market acts irrationally, you should be rational.

Perkins Cove: Are the markets ever 'rational'?

Bob de'Long: No, but volitility caused by debt limits, European problems, etc. makes the waves needed to surf.