I'm not exactly a bull on stocks. I'm pretty bearish on the economy. But I have to ask - is there much more bearish news that can come out? AIG is down, 3/5ths of Wall Street is down, every man and his dog knows real estate is in a depression. What new news can come out in the next 2-3 months to make things worse? I'm actually struggling to think of it. Some possibilities: 1) US AAA rating goes on review. That'll hit bonds for a while, but stocks for 1-2 days. After that it won't mean shit to equity valuations 2) Some banks go bust. Already priced in. 3) Retail & consumer sector stocks get hammered due to spending slowdown. Partly but not fully priced in. But this is, what, 20% of the S&P? Who gives a fuck. 4) US recession. Lol, say hello to S&P 1300 if that happens. MORE than priced in. 5) Large Hadron Collider generates quantum black holes which hit a few stray protons, get heavy, sink into the core of the earth, and swallow up the world over a 6 month period, leading to the total destruction of earth and human life. Ok, I admit this would be pretty bearish for stocks. Seriously, what sectors are left to drop? Retail. Tech. Consumer finance. And...er...that's about it. This is a minority of the market. Every other sector has already been taken out and shot - real estate, check. Banks, check. Non-bank financials, check. Commodity producers, check. High P/E former glamour stocks, check. What's left? I feel a bit premature calling bottom, but I have to say, I am struggling to come up with solid reasons for significant lower lows. Of course a sentiment-induced crash is always possible. But there's virtually no doubt it would bounce back pretty quick. It's not like we will go to S&P 1000 and *stay there*. To be honest, the investment case for stocks looks pretty good here. I'd say long-term returns of 10% from current prices are decidedly possible. Any thoughts?