1. The market is not overvalued (as measured by the fed model), the yield curve is not inverted, and deflation isn't on the horizon. 2. Sentiment has gotten very, very negative as measured by Rydex flows, various sentiment polls, and ISEE call/put data (all of these very representative samples). The public has been scared out of this market to a very large extent. 3. The fed will be cutting rates, regardless of all the chatter about the minutes being too hawkish. 4. The decline in the dollar has been orderly and there has never been anything that I am aware of correlating dollar weakness to bear markets. 5. It will not be different this time (sorry Cramer). Look for Resolution Trust Jr or something similar to save the US banking industry (it is what I would call too big to fail, I suppose). I am looking for and positioned for a rally that takes the market higher into the end of the year. Just my 2 cents.