Why is it that the best joe shorty can come back with is crap about Santa Claus given all the valid points you made?
I especially like the point about the unused stimulus. Undoubtedly, it is housing price appreciation that is the key to restoration of credit and stabalization of the banking system.
I'll add one about the weak dollar. Contrary to what most shorts hope for, the dollar will not rebound any time soon. Assets will reflate. Even the vast degree of derivative exposure by the big banks will be seriously mitigated when housing prices appreciate to higher levels.
Lets face it, even the technical analysis crowd is poised to pull the cover trigger if the S+P jumps another 10 points.