Although I am not a market technician, my spider sense is tingling. The wheels of capitalism are back in motion, and liquidity is flowing from the top to the bottom of the cap structure. University endowments are trying to distinguish deal flow quality from the PayPal mafia versus the Xoogler community; Web 1.0 bankers are reuniting to capitalize on the coming Web 2.0 IPO liquidity, and startups with big ideas, hockey stick user growth, but relatively little revenue, are commanding eight figure Series A valuations. Markets tend to overact on the way up and on the way down, so we may well see an extended period of bullishness over the coming months or even years. The Nasdaq has another 100% to go before it gets into the same trough to peak range we saw 10 years ago. The bubble needs to wait for companies like Facebook, Groupon and Twitter to transition from privately held to publicly traded before bursting. But burst it will, as it always does. Not before, however, some very fortunate entrepreneurs, investors and bankers make out with new fortunes.