The bullish consensus seems to think these laws of financial gravity don't apply to China.

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There is still an articulate bullish consensus on oil futures and for energy stocks looking ahead to 2013.

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This list of problems is the reason why it is so hard for Buttonwood to join the bullish consensus for 2011.

ECONOMIST: A bearish perspective on the market in 2011

Consider the overwhelmingly bullish consensus in silver just 2 weeks ago.

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Meanwhile, he pointed out, readings such as Market Vane bullish consensus and net-long positioning data from the Commodity Futures Trading Commission have been at their lowest levels in several years.

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"Despite the recent rise in equity markets, we believe an enormous gap exists between the apparent bullish consensus on equities and effective low positioning in equity markets, " Didier Duret, chief investment officer for the private bank of Dutch financial services giant ABN Amro, told clients last week.

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When will this happen, that the consensus will turn almost uniformly bullish?

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Market consensus is for around 1% GDP growth, with the more bullish forecasts being around 1.04%.

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And while most China investors are far from overly bullish on China, nor subscribe to any saintly view of its economic management, the prevailing consensus among portfolio managers who continue to put money to work in China is this: China may be down, but it is not out.

FORBES: China May Be Down, But Nowhere Near Out