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maybe the best way to understand this market is in terms of the things that haven t happened. when i look at how 2012 is unfolding, how we could have put together seven straight up days for the dow, a streak that unfortunately snapped today, after all the strength we had already witnessed, it s clear that we ve been paying too much attention to what has happened. and not enough attention to what didn t happen. that s why we re going to take a quick trip in the way-back machine to the dark days of the late summer and fall so we can tick off all the things we were so worried about then versus what s actually come to pass. first and foremost back then, we were worried about u.s. government spending and the incredible, the shocking, the disastrous s&p downgrade of our debt. if you recall, this was one of the darker moments of the last decade for the market. and it threatened to take the whole world down as the prospect of further downgrades, a la greece danced in our heads. since