Charts That Matter: The Bear Market

I think we are in early stages of bear market, with very poor returns for equity investors in the years to come. But it seems, looking at the chart below, there is just too much bearishness:

The smart money index just continues to plunge. What are they seeing that a normal investor is missing?

There was strong demand on Friday’s $16 billion auction of 30-year Treasuries, at least by one measure – primary dealers ended up taking down the second-lowest proportion of the debt on record. This speaks to the growing conviction of slowing growth ahead.

The US trucking boom has ended. It was fun while it lasted: One more indicator of slowing growth.

Here is an interesting divergence... It seems Emerging markets are sniffing the US slowdown and the coming change in FED policy. Money is already moving to EEM:

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