sdc,
Yes its a matter of degree. I have said time and again while I beleive in the substitution effect I dont beleive it is as strong as many beleive. I rarely say something will never be but I definitely have. For example I bet CAR that we would never see 50% off pricing across the board in my submarket and beleive that. To me it was a suckers bet and so far its looking tlike a very good one. Here are a few others I will NEVER cheer for the Lakers, Celtics, Cowboys, NY Giants, Broncos, Mets or Yankees

BTW, I got back into the stock market a week or so when it was around 9900 with 50% of my retirement portfolio. So far up about 5% on it and already itching to get back out.