Even the so-called near-term bears have plans to go right back to their favorite long positions within weeks to months.
There will need to be more long-term bearish sentiment to pull the DOW much below 13000, and I am not sensing that at all.
Frankly, YTD, the DOW is still up 6%, and over the past year it is up 18-20%, even with these large hits of late.
So these so-called bears that fear the big credit crunches don't really fear it is much as they say because stocks aren't really down enough to substantiate that. Stock markets test there moving averages multiple times per year, even in very strong bull and bear markets. That is all that has happened.
People just want bargains to increase their short-term rates of return. They have no fear of a long-term drop, and they shouldn't.