ronnieb, you have a point. There is so much global liquidity now, even more than in 2000. Where are all those stock market investors going to put their money? They are going to see a slowdown in the economy, but if they take their money out of the stock market, where will they go? Treasuries, which are now paying a decent return? Not real estate or MBS, which are now showing their true risk? Euros or swiss francs? With no place to go, could they stay in equities? Will they switch to emerging market funds? Maybe commodities? They could start buying gold?