A few pictures that tell an important story... click on the graphs to see the whole thing

to summarize:

• investors are sitting on a LOT of cash-- historical highs
  
• valuations are at 30 year lows while dividend yields are at their highs (albeit with more than a few US companies cutting dividends of late)
• junk bond credit spreads are also at 30 year highs

is capitulation/a market bottom looming? If I had to guess, I would it will come over the next 6 months or so.

Happy bargain hunting!