If you take a look at many of the world ETFs - EWP, EWQ, EWC, FXI, EEM, SPY, etc.. the movement in all of these indices, it is showing double bottom, the final kick in some of these ETFs seem like it was a classic shakeout for the weak hands. For instance, EWP (Spain): We are oversold and if you take a look fundamentally many stocks are selling below cash/share. We are at THE ULTIMATE bottom here. No I'm not pumping. Go to a mall, and take a look at how many people are shopping during the weekend. Does it feel like recession? Can people still afford $5 for a cup of Starbucks? Can people afford to buy a pair of Reebok or Nike? What about a new Dell, Sony, or Macbook?? I bet plenty are selling this Christmas. If so, then we're still doing fine. This feels like a fearmongering to me, and oil is at $40. Job losses are temporary and there will be a new job creation with Obama's program. AAPL, GOOG, RIMM, V are just some of the individual names that are super cheap, in my opinion.