The undercurrents of bearish social mood continues to simmer underneath the surface even as the bear market rally moves towards its final top. Religious belief in "the end of the world" has been picking up steam as the Grand Supercycle degree bear market continues to unfold.
We are seeing a preview of what the "end of the world" meme will look like next year as December 21, 2012 approaches. It isn't the so-called end of the Mayan calender that has gotten the attention of the media recently. It's the prediction of the start of the end of the world on May 21, 2011. The doomsday prediction has taken the media by storm in the last several days and every major news studio has covered the developments.
Here's a sample of news articles to illustrate the pervasiveness of the doomsday meme:
1 -- 'Judgement Day' generating buzz
2 -- May 21, 2011 -- A Portrait of Believers in the "End of the World'
3 -- May 21, 2011 -- Judgement Day rumors spread across the US
4 -- Preachers line up against May 21 Leader
The fact that such doomsday predictions would take the media by storm speaks of the bearish social mood that is already present. The date will pass without incident, but the meme isn't going to disappear. As the next leg down in the bear market commences, more and more people will embrace the idea of doomsday.
Bear markets of Cycle degree and above result in substantially increased popularity of religion as magical thinking takes over. Given the size of the bear market that we are in now, I expect magical thinking to run rampant in religious circles. One of the consequences of magical thinking is a high frequency of doomsday memes, and its no surprise that such memes are already appearing now.
If Primary wave  down unfolds as I expect, then the 2012 doomsday meme will rapidly pick up steam in the next several months. The meme involves the idea that Planet X, named "Nibiru" will come hurtling into the inner solar system and wreck havoc on Earth on December 21, 2012, thus bringing about Judgement Day. This meme started taking root in 1998, but now, it is spreading like wildfire. Expect the majority of Christians to jump on the 2012 doomsday bandwagon by the time this year ends.