Sundown at the Permabear Alamo

I sure hope the US stock market pauses or corrects soon – because otherwise it’s going to be a complete and total permabear massacre.

China is stabilizing. Europe is growing – peripheral Europe is growing! Japan is percolating. US manufacturing is back above pre-recession levels and household net worth is too. American politicians are introducing bipartisan budget deals. Iran is talking peace. The gold investment complex is collapsing.

None of this was supposed to happen! It was all meant to unravel. WTF?

The pessimists have been absolutely routed this year, it’s becoming uncomfortable to watch. Their intellectual leaders are abandoning the cause or, worse, switching sides. None of their formulas or equations are working, they’re just losing more people more money every month.  Those who answer to clients have run out of excuses, they’re now lashing out at everyone else to make themselves feel better.

Because they can’t have been wrong, just early – and it’s not their fault anyhow. It’s the Fed’s fault, or the fault of other financial commentators or the fault of foreign central banks.

But they’re sticking to their “process” – and don’t you ever dare question their process, no matter how poorly it works and for how long.

I am not incorrect for four years running – the entire world is incorrect. You’ll see. 

Surely this can’t continue for much longer, can it? I hope not.

May the fates order a ceasefire on the Permabear Alamo, and soon.

I don’t think they can take anymore.