Actually not so Jezza, If you shorted:- Energy Index since the...

Actually not so Jezza, If you shorted:

- Energy Index since the decline started you would have a huge loss
- Material Index you would be in a moderate loss
- Healthcare you would have been in a huge loss until recently
- Telecoms you woul be at breakeven

So its not that clear cut.

Remember a bear market is only when the majority of stocks are going down.

Each stock and index to its own.