[quote=peterb]The core problem with C-S is that it tracks transactions. This market is now so heavily manipulated by govt and banking intervention and suspension of law that transactional analysis is not very meaningful if one is trying to determine market direction or strength.[/quote]

Whatever rationale one uses to be an “end of bubble denier” may turn out to be useless as well. If something happens long enough, eventually that has to be called reality, or factual, or historic or whatever, even if it doesn’t seem how things “should be”. The playing field and rules are drastically changing, yes you can probably rightfully call it cheating. Why be surprised that the score is different than it would be under the old “normal” rules?

Not to say that I know what is going to happen. Not predicting that real estate will be a cake walk for anyone. It just doesn’t seem the bears are as open minded as they could be.