Long-Term Conditioning

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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.