SAN LUIS OBISPO, Calif.

MarketWatch — Why no talk about a recession? Our Steve Goldstein asked that question this week, and it was the right question.

It happens every time at a top, when mania has set in: We get close to a crash, go deaf to the warnings, put on blinders. Suddenly — surprise — the bubble pops.

AOL - Finance News & Latest Business Headlines

We hang on, and we lose more. Warning, the musical-chairs game is again. Near the top of every bull market, millions of investors jump in, play the game of musical chairs, and irrational exuberance accelerates. The game is loads of fun. You love the excitement. Everybody is a fan of the six-year run-up that began in March Or maybe just playing the game is more important. Whether on Wall Street or Main Street, American are optimists at heart. We have a complicated relationship with bad news.

We see it time and again.

When, a couple of years ago, InvestmentNews ominous warned that 90, professional advisers foresaw a bond crash dead ahead. Same reaction to the bearish rumblings of Charlie Ellis, Gary Shilling, Bill Gross, Nouriel Roubini, Jeffrey Gundlach and Peter Schiff and many more.

Those gurus were fierce and aggressive, warning of a major crash. But it never happened. The Fed kept printing money.

For the past century, the market cycles has averaged 3. Of course, averages are history, not future facts. But the crash never happened.

WYNN Stock Price - Wynn Resorts Ltd. Stock Quote (U.S.: Nasdaq) - MarketWatch

The easy money remained. John Bogle thinks active mutual funds could vanish.

Today, many see a year of increased volatility on the horizon. So here are 10 warnings to help you make your big decisions: Last week, Bloomberg warned: Back in the wake of the crash this column was early out of the gate: Browning recently reported that in December Growth Reading Is Better-than-Expected. Yes, fire your guru. Taxes and transaction costs. In a co-study with Chinese professors, Odean and Barber studied all active traders on the Taiwan Exchange.

The results were virtually the same. Due to high transaction costs, taxes and bad decisions, the bottom line is clear: The bottom line is that simple: Not only do active traders lose money, but trading will have a negative impact on your nerves, health, family and retirement. Successful traders are born. Even when they lose. And, deep inside, they really want to be superheroes. Farrell is a MarketWatch columnist based in San Luis Obispo, Calif.

Follow him on Twitter MKTWFarrell. By using this site you agree to the Terms of Service , Privacy Policy , and Cookie Policy. Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time.

Real-time last sale data for U. Intraday data delayed at least 15 minutes or per exchange requirements. ET Updated Pound hits 2-month low as doubts over support for U.

This is the exact right way to call in sick to work. Chicago Fed President Discusses Timing of Rate Increases. Opinion Service industries could use a disrupter like Amazon. A Closer Look at Chris Wray, Trump's Pick to Lead FBI. How to protect your family members — or yourself — from elder abuse.

Money CAN buy happiness, if you spend it right. Forget ping pong, this is the hot new work perk. Updated Uber CEO Travis Kalanick steps down after shareholder revolt. Home News Viewer Video SectorWatch Podcasts First Take Games Portfolio My MarketWatch. Retirement Retire Here, Not There Encore Taxes How-to Guides Social Security Estate Planning Events Columns Robert Powell's Retirement Portfolio Andrea Coombes's Working Retirement Tools Retirement Planner How long will my money last?

Economy Federal Reserve Capitol Report Economic Report Columns Darrell Delamaide Rex Nutting Tools Economic Calendar.

The stock market is a 'dangerous casino' - Business Insider

My MarketWatch Watchlist Alerts Games Log In. Until New York Markets Open Market Snapshot Analyst Ratings. Home Investing Stocks Paul B.

Farrell Get email alerts. More Coverage Avoid these chemicals found in everything from shampoo to kitchen counters: APR Last Week 6 Months Low Interest We Want to Hear from You Join the conversation Comment.

MarketWatch Site Index Topics Help Feedback Newsroom Roster Media Archive Premium Products Mobile. Dow Jones Network WSJ. Dow Jones Industrial Average DJ-Index: