The bubble that lurks in 2015 Just when we get to the point where Ebola is about as scary as granola here in the States, the mere mention of a man being tested for the virus in Tokyo triggers a swift reversal in Japanese stocks. That’s the way it goes on slow-news and light-volume days. It doesn’t take all that much to rattle markets, a truism both at home and abroad during periods like this. Of course, investors placing their bets on the Land of the Rising Sun don’t really need another reason to be fearful. Abenomics seems to be doing the trick all on its own. Foreign investors threw record amounts of cash at Japan last year but haven’t done much of anything this year. In fact, inflows are down 94%, according to Bloomberg, which puts them on pace for their lowest total since the 2008 financial crisis. Meanwhile, U.S. markets are in a deep slumber, volume-wise. Michael O’Rourke of Jones Trading pointed out that the last time a full day of trading registered lower volume than Friday was back on Dec. 26, 2008. “One would expect volume to pick up modestly into year end, but it will be surprising if the acceleration is material, as Wall Street remains in holiday mode,” he said. A dearth of action didn’t keep new highs from being knocked out, however, with the blue chips ending last week at their 52nd record of the year. But if you think we’re in a bubble, you ain’t seen nothing yet, warns Gary Savage. The real bubble is just getting started (more on that below). In the meantime, expect a mostly hushed atmosphere heading into “the worst” holiday of the year, . “It’s like the death of a pet,” he says. “You know it’s going to happen, but somehow you’re never really prepared for how truly awful it is.” Same with the death of a bull market. marketwatch