Arrogance:  Overtly strong, yet superficial bravado possibly resulting in incorrect decisions based upon wrong criteria.

Backwardation:  The market condition in which spot prices are greater than future prices.  This term is most often used in oil, and sometimes commodity markets.

Contango:  The market condition in which future prices exceed spot prices.  This term is most often used in oil, and sometimes commodity markets.

Cycle:  See Cycles & Phases

Deflation:  That phase of the the economic cycle wherein prices cannot rise, and tend to decline, because there is a lack of desire and need to buy goods and services.

Fair value:  A mathematical formula that evaluates pricing by taking into account interest rates, dividends, and time to expiration on a contract.

Fear:  An emotion often resulting from rational thinking about an investment or speculative position.

Fungible:  The quality of interchangeability.  One of the primary characteristics of a useful money is that it is fungible.  That is, all money of a given type may be exchanged with all other money of the same type with ease and liquidity.  The characteristic of fungible gives a currency in any form  --  paper, coin, an accounting entry, etc.  --   it universal usefulness because it can be transferred electronically, collected physically, and used to purchase anything else that is for sale.  For example, the US dollar is fungible.  Sellers accept US dollars because they know with full confidence that they can accept, store, and use them to purchase anything else that is for sale.

Ignorance:  Lack of knowledge often accompanied by arrogance.

Inflation:  That phase of the the economic cycle wherein prices rise, and tend to not remain fixed, because there is a strong and consistent desire and need to buy goods and services.

Opportunity:  A Chance perceived;  an opinion.

Overhang:  The supply of an item that is being held with a loss.  Be wary of the psychology in these situations when the overhang is long-lived and large in value because this supply will tend to be sold into rallies.  A short-lived overhang is a sign of remaining positive psychology and price.

Phase: See Cycles & Phases

Relief rally:  The rally that occurs in the midst of a down move or down-trend.  These often short-lived and powerful rallies also occur in the midst of a bear market. They are often provoked by observable changes outside of markets such as politics and war. Relief rallies may also be provoked by a change in a market fundamental such as interest rates.

Stock split: Division of each share into more than one new share.
                 The result of a split is:
                 1.) More shares outstanding and available for trading;
                 2.) Each share is less costly.

                 Important to understand:  The company's capitalization is not changed.

                 See also:  Stock markets

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