I'm always in the "don't believe the hype" camp. I see a lot of paranoia in the media forecasting "the worst depression since 1930" but little confirmation in global equity markets.
I am always on the fence. That way, I can extract the maximum amount of money from both the Armageddon-ers and the "100% up room to go"-ers alike. It's a game of balance, and I enjoy playing it.