Paul Kedrosky’s touched on a point that was topic to a dinner table conversation last week among my friends: How common price records are once you’ve hit a record and how the repeated headlines on "oil hits record price" carry an amplification effect in people’s perceptions.
Paul offers a great solution:
I think we should institute a new rule: No talking about a record price
until at least 40 hours day after a record has been set. Call it a kind
of market noise abatement act.