This column originally appeared on Real Money Pro at 8:43 a.m. EDT on March 26.NEW YORK ( Real Money) --
"What we have learned from history is that we have not learned from history." -- Benjamin DisraeliIn January 2004, Boca Biff made his debut in my diary. No character has elicited such a response from so many subscribers and contributors. Over the past 15 years, Boca Biff has embodied the mentality of the daytrading community. As such, Boca Biff has become a better market barometer than the put/call ratio, Investors Intelligence, mutual fund/hedge fund exposures or any other sentiment indicator. And the Boca Biff Indicator, a measure of the very embodiment of speculation, as it does through Mr. Market's speculative bouts, is again signaling red. But let's begin by framing Boca Biff's speculative trading history.