I tend to read it in the context of what the person is typing - So to me it could be either of what you are suggesting. Problem is if someone types in all CAPS all the time it's a bit confusing to distinguish I guess..
If I was using CAPS for example, I would interpret these as follows:
YOU ARE SO COOL! (would be me yelling out a statement)
You are SO cool! (could be either nice, or a little sarcastic)
I agree - one word would be used as an emphasis.
A whole post is irritating and although it looks like yelling I generally figure it's a newbie who doesn't know anything about message board etiquette.
I don't really think about it either way to be honest. I just read what the words say, rather than how they are written - even if they are written to be more attention grabbing. If it's not something I'm interested in I don't read it
Basically its easier (when doing it with one word) to use caps than to change to italics and back as then you would have to use the mouse.
But I read it the same as above. And the no punctuation one - it drives me nuts when I have to do it but sometimes it's just necessary when holding a baby!
I have to say that many thoughts come across as YELLING when in CAPS... I think that when typing replies to posts, you need to be really aware of your audience and how it might read...
Mum to two beautiful kids Luke (09.11.2007)
Amy (01.04.2009)
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