<...to date there are many many folks who have never bailed out to begin with ...stock ownership is still near all time highs....the only real fear that has be exhibited to date is fear of missing the bottom.>
With all due respect, I disagree agree with your last observation. My collegues are either in "denial" or "resignation" with the current market. The latter is more prevalent. With the retirement plans that we created for this generation, that did NOT exist in the 73-74 Bear market, things now ARE different. People will NOT close out these long-term retirement plans because they were never perceived to be anything other than that. This is an important point that I have NOT seen any financial writer to date address.
<What we have now is an artificial rally off of an artificial bottom - not a bull market.>
What we have now is Wave 5 of Super Cycle 3 and, yes, it is NOT a Bull market but rather one hell of a run. My read is different from others. I see a Secular Bear market coming AFTER the elections.
And you already know from my posts that unlike Russell I do not see Gold going to $3000/ounce. I'll give you $575 and not a dollar more. (Dear reader: Russell ended up in the same balloon as Dorothy. He dropped her off at Kansas and then he ended up continuing to La Jolla. She had the red slippers and he wore the gold ones.)
Regards,
Porter
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