We are, of course, skeptical. We want the markets to go up. But we also believe that the Fed stepping in is:
A. An acknowledgment that this may get much worse before it gets better and
B. A band-aid that may stop a little of the short term pain, but will ultimately slow the process of the market working out built-in excesses.
So, Friday may have been a good day for investors, but it's naive to believe this situation will abate because of the Fed's actions.