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Jim:   Yet another brutal day...  In tough times like this, I think we should stick to the Mad Money motto...  There's always a bull market somewhere and I promise to help you find it.

Any day where we're down 345 points makes you wonder why, other than the very, very long-term positive results from owning stocks... the only real way to augment your paycheck in history... why you should even bother with the market.

This is a horrible stock market for many, many sectors, and many places are in total bear market mode, okay...

That doesn't mean we should stop looking for bull markets.  It just means it's harder to do, and there are far fewer of them...

But futile?...  I have to say never...

You know, if you look at the market through my eyes, you'd see that, buried underneath the losses - and they were hideous - behind the ugliness... is something that's actually mildly constructive... that I think I need to let you in on... particularly on a horrible day...

I'd like to tell you what I'm feeling about some of the market... clearly not the industrials or the commodity stocks... because the biggest driver of those stocks, China, has simply vanished.  Does anyone know where those 1.2 billion people went?  I can't find them...   And the hedge funds that bet that way bet on commodities...  They're liquidating... liquidating like mad...

Even after a beating like today's, I still think the July 15th lows in the financials will hold.

This decline is simply making it easier to buy the stocks we like...  the ones where happier days are coming, because of lower commodity prices, like natural gas, and oil... because of federal intervention to ease the housing crisis...  intervention that I think will work by June 30th of next year...  there are only 300 days left...

My July 15th bottom is not holding for everything, clearly... Corning Inc. (GLW), Dell Inc. (DELL)... industrials like a Terex Corp. (TEX) just falling off a K2, which is steeper by the way than Everest...

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But it's my job to point out what can go right on these down days.

So let me tell you what I see...  Let me give you six reasons why the fallout shelter... the bunker... may not be your permanent locale... even after a day like today...

And I want you to keep this list in mind, no matter what the employment number is going to be tomorrow, because it's going to be horrible...  Steel yourself...

Here are my six reasons why... I believe you have to see some light at the end of the tunnel...  And... it's not the light of an oncoming train...

Here's the list:

1.  First, quietly, but firmly, we seemed to have seen a bottom in the housing stocks.
One that first shadows a turn in housing by June 30th of next year.  In my view, every day that we get evidence of this... even as the conventional wisdom is that there's no housing bottom in sight...

2.  The second reason you need to be positive right now...
We have a plan fix the banks, courtesy of the FDIC...
... selling deposits and keeping the bad loans.  And we have fewer large banks and broker that I believe are in trouble...  I now believe there are actually suitors lining up to acquire Lehman Brothers (LEH), giving the company some options.  This morning, The New York Post... reported that one of the biggest black holes of value, American International Group (AIG), might be close to splitting off its bad loans from its good ones.  That's the same plan that I believe Wachovia Corp. (WB) is using.  People are still making money on that gigantic Merrill Lynch (MER) offering that made the company investable again.  Solving these financial problems immensely.  Remember, look at the lows of July 15th... Wells Fargo (WFC), at $20.  Now at $29...  US Bancorp (USB), at $20.  Now at $31... Wachovia Corp. (WB), at $8, now at $15...  and all of those traded much higher after the bottom.  Those are just today's prices.  Panic, like the panic today in the commodities, caused those lows.  Maybe we saw some of those in the oils today.  They all bounced big, after natural gas closed up... and the forced margin selling for the hedge funds finished at 2:00pm, as it has everyday this week... that's when the margin clerks are done... 

3.  Reason #3 to stay constructive and not panic...
Both candidates for President are likely to lower taxes for individuals...
...one of the reasons why I believe retail has done well, and that's something the market is definitely sensing...  

4.  Commodities have crashed...
The raw costs of making virtually every product are going down...  That's going to help every company that consumes commodities.  That's part of the happier days theory.  Believe it or not, the commodity calamity is actually good for everybody, outside of the companies that produce commodities and the ones that service them.  We've got a strong dollar, low inflation... and, because of the commodity crushing and lower interest rates, that's a recipe for ultimately higher prices, not lower ones.

5.  Gasoline is coming down more than it has...
That's practically producing a tax cut in its own right. 

6.  Finally...  Like hips, I believe Wal-Mart (WMT*) doesn't lie...
100 million people shop there every week, and the stock's up 27% year to date...  It was up today.  To me, that's a sign that consumer is not done for... even as the overall economy is not weak enough to keep the Federal Reserve on hold when it comes to raising rates, despite what you hear everyday...