A long-time bull throws in the towel
~~~
Yes, Mark, tell us about it... I told you that market was not so bullish, now, bears are all piling on.
Almost 98% sees that we are in bear market.
Breadth sink to multi year - decade low.
All major brokerage firms are all wrong with the current market condition.
Let's see whether it is the bull is thrown in the doom-gloom-towel, marking reversal soon.
~~~
Mark Hulbert, MarketWatch
Last update: 3:32 p.m. EST Jan. 17, 2008
ANNANDALE, Va. (MarketWatch) -- Stock market bulls lost an important ally on Wednesday: Dan Sullivan is now convinced that we are in a major bear market.
Sullivan is editor of two newsletters, The Chartist and The Chartist Mutual Fund Letter. Sullivan has been publishing the first of these since the late 1960s, nearly 40 years ago. Very few others have been continuously editing an advisory newsletter for any where close to that long a period.
Sullivan, therefore, has seen lots of different kinds of market environments, which is why we should place more than the usual weight on what his intuition tells him. And right now, as he said in an interview Thursday afternoon, his "gut feeling" is that we're in a bear market that we will need to let "run its course."
That's Sullivan's way of saying that the decline he now expects is not likely to be a small one, either in terms of duration or magnitude of losses.
As recently as the publication date of the last issue of Sullivan's newsletter, which was in early January, he was still bullish on the stock market's primary trend. What changed in the interim?
News 
Market Data 
Discover 
