Matt is hopeful, which is either a good thing, or the latest sign of the apocalypse.

So we'll hit 10,000 before we hit 6,000? That might seem like a slam dunk prediction from Mr. Hougan. But is it really? I wouldn't be so sure. All it would take would be one more shoe to drop (say a couple more giant banks and an auto manufacturer going out of business) and we'd be there in a hurry.

Matt is framing this a bit oddly, seeming to say that the mainstream media is saying the sky is falling, while the smart guys are all saying we've turned the corner. The reality is that generally speaking, the mainstream media is a bunch of cheerleaders and largely have been all the way down. That said, I do agree that there's a potential whiff of real capitulation in the air.

Until YOU feel REAL scared, it's not capitulation, is my rule. So do you?

Generally I agree - I mean it's screamingly obvious - that this is the buying opportunity of a lifetime. The big issue for me is how much do you lay your bets on the U.S. economy, vs. tilting toward particularly Emerging and Asian (read: Chinese) markets?

Honestly, though, it does feel a bit like shooting fish in a barrel right now (except the way the market has been whipsawing around, near-term you can end up shooting yourself in the feet). So much looks so good. Even commodities - oil particularly - seems like a great potential buy. Do you think Oil is going to $25 a barrel or $100 a barrel first? And EM, for those of you who missed that last train, is primed for entry. The U.S. Financial sector is not going out of business. Valuations on many companies across the board seem absurdly low, and despite a worrying demographic cash-in by baby boomers, I do absolutely like the market around here.

My overwhelming thought is that you ought to be in with both feet, because this is going to look like it was a great buying area in a few years. So there, now I'm cheerleading myself.

BTW, did anyone see the study that says that 65% of U.S. high schoolers have cheated and 30%+ have stolen something within the last year? I find that to be extremely distressing. It makes me feel like I am living in an alternate reality. I don't know where the easiest, most obvious lesson of life - that shortcuts are not very satisfying, and integrity and decency, in the end, is all you have - got lost. 

Matt mentions Treasuries have again dipped to practically zero yields, and I'm sure he'll come in with another devastating report on real estate soon. But hey, things are looking up!