Lots of good posts on this thread. For what it is worth my humble two cents is along the lines of what Perry and others highlighted. Secular trends occur over many many years and are filled with cyclical runs. I definitely do not think that this, or the low point of summer 2006 were the bottom of this secular trend. By the same token this cyclical run may last a month, a year, who knows? Again though, the secular trend will take several years to run it’s course… So if you have time to wait, then wait. I think there were/are alot of people out there who mistakenly thought that okay, the market tumbled hard in 06 and will tumble hard in 07. In fact I was one of them. I don’t see that now but maybe come August things will be different.
