I think guy is giving right perspective. I don't see market moving much higher .Multiple reasons: 1) Assets are not priced yet and that is the main hurdle. 2) Don't assume finicals will keep going up .(How much NT and LU went up after DOTCOM Bubble) Same will happen for C and BAC if there shareholders survive.They will trade in this range for very long.People will not give any premium to SLM,BAC,MS,C and so many junks . 3) Houses are bought ,but most of them are Foreclosure and short sales.(Asset price will not go anytime soon) 4) Just look at the ammount of Debt X,STLD ,GE ,XRX ,MGM,GM,F,LVS and so many companies have.Do you think investors are fool and they don't care about new valution of these stocks. I would count there P/E on enterprise value and not Market Cap. All in all ,what Citi memo did is MARS act(short),but just watchout SATURN retrograde energy(long),it will take next leg down.