I'm capitulating. I can't take it anymore despite the mountain of evidence that one should be long this market. a. the average guy on the street is shorting. I'm not kidding: a cabdriver asked me what he should short. b. put/call ratios are higher than ever c. a ton of companies are trading for less than 10 P/Es with no debt d. in fact, many reasonable companies are trading at cash values. e. VIX is at a high f. up/down volume is > 10-1. g. asensio can't find anything to short and yet the mkt still flirts with death. Even a double-dip recession is not so bad for the market (because we always get out of it) and the only economist who thinks the chances of recession are > 50% is Stephen Roach at Morgan Stanley. The economy is still growing at this very moment. Nobody disputes it. The market is baking in a depression right now. Big difference betw now and 1930: a. banking system collapsed. Today its insured. b. tarrifs were super high in 1930. no world trade at all. c. unemployment was 30%. right now its less than 6% Is this a mirror image of Feb 2000? Or is it the middle of the end?