Eh, I dont know if I'd call the market "awfully low". If you look at price trends for the major indexes prior to the 1995- market, the trend seems like it'd have put the s&p 500 at somewhere between 700-950. It seems the trend picked up starting in the 80's, possibly due to the extensive use of credit and leverage.
So its possible we might be somewhere between fair and slightly over valued right where we are now.
I like that 1600 point level a whole lot, but it may not be something we see again for quite some time.
Orrr...we might be there by mid november.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.