So where are we on the roller coaster? Let's take a look:
It is reasonable to guess that we are moving towards the trough on the right hand side. The obvious difficulty is that it is difficult to say how far down we'll go. One thing that has been shown over and over is that trying to pinpoint the "Point of Maximum Financial Opportunity" is futile and, in fact, leads to missing the first couple of stages of the upturn, when it comes.
From the people I talk to and the commentary on CNBC on other channels, my guess is that we are between "Panic" and "Capitulation."
A fact to keep in mind, also, is that there are some superb companies that are becoming very reasonably priced in this debacle.