where are the prophets of doom today, page-24

Nope, not being defensive at all.
And no, I never made a "call" of anything like 5000. In my opinion, I like to see critical levels reached before moving onto the next level.
What you don't seem to comprehend, is that if this were to be the start of a bear market and credit squeeze, if you think the way you do, you'll be the last person out of the game.
In the recent history of the stock market, when there is a confirmed breach of the 200dsma, it has mostly always led to a bear market lasting approximately 4 years. If you don't think that's important, then that's fine, but why fight such a strong statistic?

Remember, someone is buying stocks in a bear market too...will that be you that will be dollar cost averaging all the way to the bottom?

You talk about China. When China dropped 20% in 2 weeks in june, did you sell all your stock deciding that growth would slow in China thus affecting the resource boom? No, because I'm sure you convinced yourself in other ways - "look to America, it doesn't care"!!! After all hope is lost we'll probably start hearing "But look at Cocoa beans - that's booming, and people need to drink coffee in the entire world!"