Long-Term Conditioning

By Tim Knight

Equity bulls aren’t exactly the most hearty, masculine folks on the planet. Let’s face it, for eight years now, every time there’s been the tiniest downtick, these antique-shopping, hair-dressing wimps shriek out for aid from whatever central banker is, shall we say, chosen. Getting wet-nursed nonstop can cause some pretty heavy conditioning. There is, it is widely accepted, no longer such thing as a bear market.

After yesterday’s selloff – – one DAY, mind you – – this dink shows up on CNBC:


And on no other place than ZeroHedge is this article this morning………….


So there you have it. A single day of modest selling, and all is right with the world. Maybe. Maybe not.

Of course, it was only a few days ago that this doughy character made the news, stating that anyone who didn’t have their entire net worth in equities was “crazy”:


For myself, you know me well enough to understand that I’m not going to be swayed by the pudgy toddler above or any of the other miscreants. I remain embarrassingly short, including some Brazilian issues (which are getting firebombed pre-market, thanks to that country’s own political chaos), and my biggest “one-way” bet remains in energy stocks, whose principal driver – crude oil – strikes me as tantalizingly vulnerable.


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