Over the past ten years the DJIA has rarely been under 8000, but wishing the market up from here, as if 8000 is the established low seems foolish. Money magazine, Fortune magazine and news programs like the CBS evening news have financial industry people and journalists claiming that now is a good time to invest because the stock market is down substantially. That is not a reason. What about the fundamentals? If economic conditions are poor, and earnings will not improve for the foreseeable future, whats the rush to invest? The media seems to think that because stock prices are on sale that is a reason to buy. It is not. There must be some quality filter. It reminds me of all the Phantom Menace toys that were marked down fifty percent. Maybe that seemed like a good deal to some but it wasnt, those toys eventually wound up in the bargain bin in Toys R Us for 99 cents. That hurt the companys earnings, even supposedly sure-things like Star Wars turned out to be crummy. DJIA 8000 may be the new ceiling, perhaps not right away, but how can all the excess be out of the market when financial journalists and the media are still saying this is a buying opportunity? Im fine wherever the bottom will be, be it 4000 (@1994), 3000 (@1993), 2000 (@1987), 1000 (@1980), it doesnt matter. The thing about a bear market is, it keeps finding ways to go lower, these sale prices continue to get reduced, in 1973 mutual funds lost thirty to forty percent, and then lost another twenty five percent or more the following year. If the media, financial journalists, and financial industry people had a keen insight they would have sold off their investments when those investments were inflated, and if they couldnt determine that, what makes them think they have a special insight into when prices are at favorable buy levels? The most important part of the game is knowing when to sell it avoids all the unpleasantness of buying and holding when stock prices remain depressed for long periods of time, and only those investors with significant cash reserves can effectively act when there is a viable catalyst for earnings growth and take chances when prices are at extremely low levels and due for a boost.