I agree with pretty much everything you say. The only thing I would add is that no one rings a bell, at the top or the bottom. Markets are forward looking, so you can expect them to turn around before clear evidence of the turn is in. That said I agree - it could be a while, so maybe the question is better put as "what is the next sector to get the boost?" Dividend stocks seem a likely candidate - better returns than in bonds and at least you own something if you pick the better co's with history, although that didn't help much with GM...heh.

ebear