Good vs Bad News in market currently...

Bad -

US housing mortgage applications bad
US debt almost reaches US GDP
Oil spill bad
Europe pigs - greece, spain, hungary, portugal
Middle East tension
Korea tension
US jobs situation dismal
Stocks down
Dollar strong

Good -
Germany factory orders jumped
US earnings EPS good
India/China growth stories

If there are too many bad things happenning, be a contrarion and go long ?