MM --
I'm more than a little bit inclined to agree with you.
I keep getting an image of Japanese AIMers in the early nineties with the Nikkei at 30,000 (down 8,000 from the top) thinking, "Yeah, this is the bottom, let's put all of the rest of our cash in now".
I really, really, really hope we are both wrong, and that it's not "different this time".
Time will tell.
Robo