Perma Bears and History

“in February 1948, the communist leader Klement Gottwald stepped out on the balcony of a Baroque palace in Prague to harangue hundreds of thousands of citizens massed in Old Town Square.
Gottwald was flanked by comrades with Clementis standing close to him. It was snowing and cold, and Gottwald was bareheaded. Bursting with solicitude, Clementis took off his fur hat and set it on Gottwald’s head.
The propaganda section made hundreds of thousands of copies of the photograph taken on the balcony where Gottwald, in a fur hat and surrounded by his comrades, spoke to the people. On that balcony the history of Communist Bohemia began. Every child knew that photograph, from seeing it on posters and in schoolbooks and museums.
Four years later Clementis was charged with treason and hanged. The propaganda section immediately made him vanish from history and , of course, from all photographs. Ever since, Gottwald has been alone on the balcony -. Where Clementis stood , there is only the bare palace wall. Nothing remains of Clementis but the fur hat on Gottswald head.”- The Book of Laughter and Forgetting by Milan Kundera

Since the 2002 bottom, the market has been rallying, interspersed with occasional corrections. One permanent feature of the advance has been the perma bears insisting on this 5 year rally being just a counter trend rally in larger bear market.Various hypothesis and arguments have been advanced by the bears at various stages of the move. All of them have proven wrong.

Now the great race to erase the history will start. Bears after bears will crawl out qualifying or subtly changing their past calls. Some will just air brush their past hypothesis and calls. Just watch the fun. After all at some stage after being wrong consistently for five years even the most ardent fans will start questioning the logic and threaten to quit.