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We just can't be as fearful this time around. Sure, it is jarring. For example, we have Jones Apparel ( JNY) down $3.50 on a $13 basis -- that's incredible. We have Freeport-McMoRan ( FCX) yielding 5.6% and Chevron ( CVX) sporting a 4% yield, and JoyGlobal ( JOYG) worth just a few hundred million more than the stock it is buying back. We have Eaton ( ETN) yielding 4.37% and Caterpillar ( CAT) almost at 4%.

So why is this better than what happened when we got a lot of panic lows, the day of Oct. 10, because that was a day when we thought the banks were going under?

Now we know they are not. So we are better off. We are better off. We are better off.

I repeat that because the bank plan is a game-changer, and when we were under 9000 last time it was because we thought Morgan Stanley ( MS) would go under, and we believed that Goldman Sachs ( GS) could be next and that they were about to do a kesselschlacht -- encirclement and destruction -- on Citigroup ( C).

I am now thinking that the Oct. 10 lows that keep surfacing when you hit up stocks can hold for many stocks. Those lows were hit so swiftly and with such brevity that I think we have to bid at or near those levels for anything that was sold into the absurd Monday rally.

For example, I like Chevron, and I wanted very much to buy it at $60-$61 because of that 4% yield. The stock then rallied to $70! That's just crazy: Chevron can't rally up 10 and stay up 10. The only reason Chevron can be down 7 and be a buy is that yield, I would not buy the others that are down like this, because they have no yield support.

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