That was a quote from a Cboe floor broker in 91 or 92. He was referring to a customer reaction to a 1 ¼ 2 ¼ market he transmitted to a customer on a spread from the crowd. As a market maker those wide markets were fun but they did not bring a whole lot of business. The brokers would then “squeeze” the order and bid less, say 1 ¾ knowing a real offer was much closer.
When I first walked onto a trading floor in 1989 the big thing was airline takeovers. They were the hot stocks of the day and even DJT got in the action with making a bid for American Airlines. Since then I have seen biotech, nanotech, tech, internet, 3d, emerging markets, etc, etc…. as the latest hot thing. You know when something is hot when a company goes public on the just the idea that they are going into an industry. A mini-bubble can happen within a bull market and can come and go with barely a ripple. Now we have Bitcoin (BTC).