I have been thinking for the past few days that one thing that is being missed here is even that the few people who are viewed as "perma-bears" (John Hussman for example) are in reality bulls in disguise; they are just being a little more picky about waiting for the right buying opportunity. But they're still planning to buy. As is everyone, and if you fully expect the market to recover no matter what happens then you're likely to buy whenever it dips even a little bit. Faith in the ability of the Fed to rescue whatever has gone wrong with capitalism has reached such levels that the bull market won't really end until people start to believe that things are so bad that even the fed cannot rescue them. So my question is, given that the bull market can't continue indefinitely, what would have to happen to convince people that the next dip is not just another buying opportunity?