I don't mean to agitate, but it's interesting how the public demand for honesty and realism appears to be inversely proportional to the performance of the major indexes. In 2007, when the Dow first broke 12600, I doubt many people were saying: "after a fifty percent increase in the 'value' of the economy it's about damn time these people stopped blowing smoke and come clean about what the situation is so that the rest of us can make informed decisions." And the few people who asked such questions found themselves the laughingstock of Wall Street and Main Street alike.
Thats certainly true. Barry Ritholtz, who I started reading after DMV memed him a few times, called DOW 6800 in 2006, and was "the most bearish position of all 76 strategists in The BusinessWeek Market Survey." His view today on that call is "Prescient: The analysis as to what was structurally wrong in the economy, and what was likely to go eventually cause major problems. But the timing? Not so much." But when you've passed the most bearish estimate, what is left but the estimates being offered by the guys who are stockpiling guns?
RE: Bear Market's Bite Could Go Deeper