Question about back links

I have a question; When I am researching my competitors backlinks using backlinkwatch.com when I click on the actual backlink I don't see the forum post/blog comment, does this mean that the moderator/adminof the blog/forum deleted the post but the backlink remains active?

Generally that is the case. That is why with forum profiles it is recommended to first create the profile/login but then wait a week or so until you add your links. This way your spam profile will be off the list of new accounts that admins will be looking at.