Beyond wallowing

James B. Stewart sees an opportunity:

Given all the gloomy media coverage, you don't need me to tell you that we've just come through the worst quarter for the stock market since 2002 and the Sept. 11, 2001, attacks. Much of the media has been positively wallowing in the bad news.

As an investor, I love this. Not the bad news, mind you. What I like is the pervasive bearish sentiment, which could be setting the stage for a prolonged rally.

Anyone who remembers the 1992 Clinton/Gore blather about "the worst economy in 50 years" has to take the recent doom-and-gloom with at least a bit of skepticism.