1.   Bond market investors responded with a collective yawn.

2.   BRAZILIAN stocks fell, led by Telecomunicacoes Brasileiras SA, as emerging markets investors abandoned Brazilian equities to raise cash to cover losses incurred in Asia.

3.   A growing number of emerging market investors are speculating that the big returns of the future will be made investing outside stock and bond markets.

4.   A high level of short-interest positions has been considered an indicator of bearish sentiment among market investors.

5.   But energy prices actually fell and food prices rose less than expected, providing a welcome surprise for credit market investors.

6.   Financial market investors were betting on a rebound.

7.   Historically, a high short interest position indicates market investors are bearish.

8.   High short-interest positions are often interpreted as an indicator of pessimistic sentiment among market investors.

9.   High short-interest positions have been considered an indicator of bearish sentiment among market investors.

10.   If a real bear market means investors have lost all faith in stocks, then this market does not qualify.