One of the big contributors to he market failing this year, other than the housing and financial implosion has been the screeching halt of M&A activity. Not only did it grind to a stop but the deals that were in play, flat out failed and buyers walked away. I believe private equity has been quiet not because they believe the world is coming to an end, just the opposite,they are keeping their powder dry to pounce on companies that in some cases have been unjustly oversold. One of the big criticisms of private equity in the summer months was that they were really not acting like smart money but stupid money. They were clearly overpaying for some deals. They had liquidity bursting from the seams and felt they would be left out if they didn’t buy something. One of the major reasons the market exploded in early 2007 was because of private equity buying, it was viewed as a signal to the market that things were cheap. I think a real deal,a substantial deal, will dramatically help change sentiment and the crowd mentality that “things are cheap” will then kick in once again. Still a little early, but it will happen. I am slowly starting to get a healthier view of things in here. I still want the VIX a little higher and want to see fear. Honestly, I am amazed they didn’t take us down 350 on Friday. They had every opportunity.