I agree I wish I had more funds to buy some of these biotechs that have taken a beating! I don't have a good sense for timing a peak or a bottom but I agree too that if everyone thinks the world is coming to an end its probably a good time to buy and if your barber starts giving you stock tips its a good time to sell.
A writer (economist, lawyer, actor, former speech writer for Reagon, etc.) I like Ben Stein has had a few good columns on this and how the whole subprime issue has much less impact then people make it out to be. Anyway here is the link to his columns