Bearish

It's a bearish market now.

At the start of the year, Bridgewater turned bearish on U.S. bonds and built up a short position.

The Germans were downcast because of Eastern Europe and Helmut Schmidt's decline, the Arabs were depressed because of oil and Iraq, the French were bearish because of their government; only the British seemed a little upbeat, but that was before the Falkland Islands incident.