The market went from SPY 155 to SPY 80 in two years (2000-2002). Then it took five years (2002-2007) for it to simply recoup the losses and go back to the highs. However, it took only one year for the market to go from the highs to the previous lows. If someone showed us this chart with the title of some unknown stock and asked us our opinion, we would say, "What a mess! Stay away!"
Looking at the following chart it's hard to imagine that we're not in for a difficult time in 2009, either in the ways of new lows or months and months of consolidation or grinding action. It's going to be tough slogging for the bulls in 2009 as the long-term trend is clearly still with the bears until proven otherwise.
