Mike,I get a bit worried too -but I really do think the time to...

Mike,
I get a bit worried too -but I really do think the time to be truly nervous was back in Oct 07. How many people were worried back then? Yes we might have a correction but I can't see it going back to 3200. I might be wrong. And even if it does go back to 3200 or even 2800 it's not the end of the world.
Going from 6700 to 3000ish is an almighty hit. 4000 to 3000 is not the end of the world. I wonder how many people bought up around the 6700 mark and have lost thousands - I'm sure you wont here too many mentioning this on hot copper.
I have swapped out of my defensives over the last 5 months into growth stocks -I luckily had 50% of my portfolio in stocks like WOW, CSL, COH , MTS etc... only because I was new to investing and I wanted to play safe - I bought most of my stocks in June 08 -and then kalabunga Oct, Nov 08 hit!!
I am happy having 90% of my stocks in growth stocks now - some of which I have bought listening to your analysis - even if i take a hit now i won't be worried- excuse the ramblings