Tom : Re "The slaughtering of the Bulls"
There are various kinds of bulls :-
(1) Those who are bullish on equities
(2) Those who are bullish on gold/shares
(3) Those who are bullish on everything
Then we have the dung-beetles, like me, who just like to accumulate as much of the excrement, as they can, and stash it away!! Come rain or shine. And keep quiet about it. So, we won't talk about those.
I doubt that there are too many of the (1) variety around. In fact, the surprising thing is how resilient the market is in the face of such overall bearish, or indifferent, sentiment and, generally speaking, large cash positions. This indicates to me that there is substantial "official" support/manipulation for the market, call it what you will. IMO the recent move in the dollar/yen confirms this. This interference thwarts the "natural" market movements and makes accurate short-term forecasting impossible.
The (2)s know they are backing an outsider, or should know that. Accordingly, because they believe they are taking such a big risk, they feel justified in looking for returns which are, in fact, out of all proportion to the market's ability to deliver. Gold speculators look for 10 baggers or 100 baggers or whatever so, unless they can get that, they are dissatisfied. The truth is that gold shares, generally, have put in a damn good showing lately --- far better than the equity market. In fact, a plus 50% return is the return an investor in US bonds would get in ten years (at a fixed capital value). And furthermore, IMO, the gold shares are still firm, despite "profit taking".
I doubt there are many (3)s around --- quite the contrary --- I would think there are very many who are bearish on EVERYTHING. In fact, it's hard not to be. The sentiment indicator at SI confirms that. So, I'm sorry to say, in that regard, you are not unique!! :o(((
Here are some other statistics (look down the page)
decisionpoint.com
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