“Stocks fluctuate in value. But on Wall Street, talk is always cheap, writes Jonthan Clements in yesterday’s Wall Street Journal.

“Want to know where we are in the market cycle? Don’t bother looking at the stock charts. Instead, listen to the chatter. As we stagger from bull market to bear market and back again, you will hear comments like those listed below.”

“But as I have noted in earlier columns devoted to Wall Street lingo, professional and amateur investors don’t always say what they really mean, so translations are included.”

“The list was put together with help from investment experts William Bernstein, Kevin Bernzott, John Rekenthaler and Meir Statman.”

  • “Don’t fight the tape”: The sheep are buying. We’ve joined the flock.
  • “The market has broken out of its trading range”: We were so stunned by the rally that we are reduced to using this meaningless technical jargon.
  • “We’re nibbling on technology stocks”: We’re backing up the truck and buying like crazy.
  • “It’s different this time”: There is no justification for current valuations, but we’re still loaded to the gills with stocks.
  • “The bull market remains intact”: Stock prices have been sliding for a month, but we are pretending to be long-term investors.
  • “We’re cautiously optimistic”: We can’t figure out what’s going on.
  • “The market has discounted it”: We were shocked by the lousy third-quarter earnings.
  • “The market is still digesting the news”: It turns out everybody was shocked.
  • “It’s a healthy correction”: Why worry? Stocks are down only 7%.