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One of the old adages in the stock market claims that bear markets don’t end until every last bull has thrown in the towel. All I can say is, “are we there yet”? In 2011, market psychology was decidedly bearish with many macro factors leading pundits to lower economic growth forecasts throughout the year. There were Japanese earthquakes, US debt ceiling negotiations mulling the question if China would avert an economic hard landing and last but clearly not least, the spreading European debt crisis.
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