In retrospect the times to buy have usually been at the points where there was the most smoke.

Have fun catching that falling knife!

The best time to buy is at the bottom. Thats after the smoke has cleared and there is nothing but cinders left. Heck, you can even wait until some signs of new construction begin to show.

Until the credit mess sorts itself out, I’m staying out of the market other than a few small speculative investments in gold and some short ETF’s.