Stocks have further to fall, although its time to start paying attention in case we see any overreaction in particular stocks we like. There is little good news out there right now. If we start to see multiple hedge funds fail, that could trigger even more selling. The Fed's intervention helped banks, but won't fix the overall problem.
The thing to be aware of with the media is predictions. They're all predicting "when is the bottom." It's not that important. They won't truly be able to call a bottom until long after anyway. The key is finding opportunities in the market that are given to us by other factors. For example, a strong company's stock being discounted because the entire market is dropping.
I saw a video interview with former AIG CEO Hank Greenberg. One thing he said really stood out to me. He said we need leadership right now, and we're not getting it. We need a president to talk to the American people and inspire them. Tell them we are still a great nation and can achieve anything we put our minds to. Reagan was so successful with that. People feel so disconnected right now. The media has beaten us down, and there is no one telling us that things will be okay. Thats what we need in a president, and I think this is why a fresh, inspiring person like Obama is having so much success.