The market has worn down 99% of people to despair, and many are beginning to doubt that a bull market even exists. But this collective sense of helplessness is precisely the most classic signal in the financial cycle. From a psychological perspective, when the vast majority of participants are in pain and start to doubt themselves, the market's shakeout phase is often nearing its end. It has always been this way— the best opportunities are hidden where no one wants to look, and the time to act is when everyone is celebrating. Bottoms are often the coldest, and tops are usually the hottest; this pattern is well-known.