Over the short term, the market has a lot of pitches. Fastballs, curves, change ups. Over the intermediate term, it throws mostly curve balls - that is, it does a fantastic job of harpooning conventional wisdom and catching most participants flat-footed. It pays to spend some time thinking about what set of events would have the most people totally unprepared.
Here's what might fit the bill: What if this is not "the worst financial crisis since the great depression?"
It's possible that jobs and housing prices stabilize around here. Oil might have found a home in the $35 - 60 range. The Fed is now buying up mortgage-backed debt. Credit could improve. The Obama love fest continues. Maybe we needed to correct real estate prices and punish the financials by flushing out a few bad apples. We might be done.
If the worst of the economy is right now, stocks are cheap.