Euphoria & Despair

The S&P 500 is setting yet another new high today, around 1350.  The VIX has fallen to about 15, which is still above its low of 14.30 from last week.  The investing world is full of complacency and euphoria as it is a given that stocks are going higher.  Of course, this means my portfolio is getting absolutely clobbered and I am feeling despair.  My portfolio has been getting hammered for 8 months now, and there is still no sign of letting up.  This is awful and is difficult to deal with, but unfortunately I have gotten used to this.  To rub more salt in my wounds, TLT is up again today at around 93.5.  I was considering selling my losers and purchasing TLT around 89 in February, but decided against it.  This is difficult to take.    P.S. I private email received today from a Senior Vice President (Investments) at UBS ended with the following:   "P.S. Our technical analyst, Peter Lee, who has a great track record going back 20+ years, predicted this AM on a break-in call (VERY unusual) that we will see S&P 500 at 1440-1450 probably by the end of summer !!. That's nearly 10% in 4-5 months on top of the 100% gains since March 2009 ! Did Brandon predict that huge bounce off the bottom ??. Did any of the scaremongers ??.   Bernanke has set things up for an eventual bubble in equity prices but you can't live in a hole waiting for an eventuality while there is so much money lying on the table."