Thanks. It has certainly been a painful run. But, this too will collapse simply because the long only institutions aren't doing what is necessary to restore the trust of the retail investors, which is the only way capital will start flowing into the market.
So long as retail investors see bubbles with LULU, CMG and others, they know that reality (economic fundamentals) doesn't matter in the markets and that they aren't worthy of trust. They will pull money across the board and FMR and others will be hit. The reality is that the market went on a tear after 401Ks because a vehicle for eveyone to "save" by driving up stock asset values in the '80s. We are witnessing a reversal because no one trusts the funds (and when I get done publishing all the float manipulation games here and elsewhere, they'll finally understand why their intuition told them it was rigged and to stay the hell out...).
FMR and the institutional longs are doing significant long term damage to themselves by enabling and perpetuating these games. Retail will continue to scale out. Once the employment reality sets in along with the coming austerity (job levels are far higher than they would have been in the absence of the gov't stimulus which is now reversing), consumption oriented stocks will all feel pain.