Snapshots of Possible Futures

Volatility in stock prices will be greater the wider the range possibilities. We're trying to value and define possible futures and those two tasks are entangled.

We look into the future through a device - our collective imagination, really - that behaves at times like a telescope and at other times like a kaleidoscope. One person looks into this market and sees utopia and another sees dystopia and another walks away with a black eye.

The market price is always just one snapshot in the ongoing, dynamic negotiation between possible futures. About the only certainty is that tomorrow's closing price will be different than today's. Every second the market has second thoughts about what it just paid and changes that price.