This article in the Financial Times really got me thinking today; markets wise I have been most depressed of late, my portfolio doing worse than 2008 and no light at the end of the tunnel.
Clearly, many people think the same. All the hedge fund managers in the article are blowing it too, some quite spectacularly. No one can see any good news, all the macro news looking forward is bad with poor US growth and Euro crisis (delayed a week by the positive Greek vote last night, hooray).
In fact, they say they are moving into cash, so much are the markets now linked by the algorithmic trading that everything is correlated and there is nowhere to go ( I wonder why they are not taking big short positions though?)
Often, though not always, articles like these can be a bottom of the market bear signal. Everyone thinks the future is doomed, there is no upside. Therefore any good news is not priced in - allowing markets to improve?
The very mention in the article of summer 2008 has a big flashing red signal to my mind - are we really due another financial storm already just 3 years later? It may of course turn out that way.