To sum up, things may have to get worse before they get better, but the bulls should keep faith for the intermediate and long-term. Short interest is still at record levels; the press is still sated with pessimistic headlines; and given the well known problems of the credit crunch, spiking crude, the housing bubble that won't keep hissing out air, and the subprime implosion, the markets have held up fairly well. Sideline money is abundant, and when the proper level of fear presents itself, the market could be ripe and ready for a turnaround.
~ Bernie Schaeffer, Schaeffer's Monday Morning Outlook, November 12, 2007
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