I remember it wasn't too long ago that there was all this talk about Greece leaving the Eurozone, Spanish banks defaulting, the US debt ceiling getting higher and higher, and more and more job cuts were happening in Australia.
All those things haven't changed much since they first arose, yet over the last six months the XAO has kept rising and rising, see chart:
XAO chart 6 months to Dec 12.jpg
Does anyone have an explanation for this?
Also, back then, around April/May 2012, there were a lot of bears talking down the market, talking gloom and doom, but those voices seem to have disappeared somewhat. I'd prefer to enter the market at around 4000-4200, but does anyone think the market currently is undervalued?
I am still a bear because I believe those global issues remain a serious concern, but seems that the market doesn't care. So am I the only bear at the table?