Blowout on the Info Highway

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NEW YORK: The boulevard of broken dreams isn't in Hollywood anymore, it's Wall Street -- and its sister artery, the information highway. The record beating that tech-heavy NASDAQ took Monday, says Money writer Pablo Galarza, had a lot less to do with fundamentals than good old-fashioned panic: "It's all sentiment and psychology."

Take Please. The online bookseller dropped 21 points during the frenzy, despite having absolutely no exposure to Asia, Russia, North Korea or any of the other uncertainties that have plagued the markets of late. "When the market is riding high, people bet on the future. They want to get in low with Internet stocks, and they take the long view," says Galarza. "That's how things get overvalued. But when things start to slide, they get impatient. They look at the now." And the now, as anyone with a portfolio knows, looks like a 10-car pileup.