Here is an image of today's front page of The New York Times. The headline says "Mortgage Losses Echo in Europe and On Wall St. ". It is accompanied by an intraday chart of the Dow Jones Industrial average showing the price fluctuation for the preceeding 10 days.
I think the market has been hit with a lot of bad news and scare mongering over these last 10 days. Today's headline offers only the latest reason to panic. What I think is interesting about all this can be seen in the Times chart of the Dow. Notice that it has barely moved lower during these 10 days despite all the bad news that the market has had to absorb. I think this is a very bullish sign. It means that any respite from the news will set off a very strong rally. I also think this rally is about to begin and it will carry the averages to new bull market highs.