The title of fund manager and noted bear John Hussman's weekly note: "Capitulation Everywhere."
After a steady grind higher in stock markets to start 2013, Hussman is feeling pretty lonely in the bearish camp.
He writes, "The bears are gone, extinct, vanished. Among the ones remaining, many are people whom even I would consider to be either permabears or nut-cases. And yet, the historical evidence for major defensiveness has rarely been stronger."
Hussman also takes aim at the biggest catchphrase to emerge in recent market commentary: the "Great Rotation." The idea is that 2013 will finally be the year where large amounts of investment funds flow out of bonds, which have had an incredible run over the past 30 years, and into stocks. This rotation largely underpins Wall Street's