The Dow is more a barometer of the economy and not so much the stock market. The photography sector isn't all that crucial to the economy.

Valuations are getting stretched, especially in the technology sector. There may be some recovery in the economy, but the notion that it will translate into a big jump in corporate profits - the jury is still out on that.

That could be bullish for the stock market if the household sector concludes that real estate is not the place for speculative gains any more.

Government pensions, built into law and mostly protected from stock market vagaries, are the envy of the private sector.

History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.

[Market] bottoms take time to form, ... some visibility on earnings.