Your "slow" drop, at a rate of 5% a day, will take the dow below 5000 in less than 2 weeks. This sir, is not a slow drop.
we will see rallies and dead cat bounces suckers rallies but the bottom is months away.....economy is going to drag this market down for the next coming qtrs. Unemployment will spike, gdp will tumble, earning will slide.....the bottom is months away.....just my opinion. GOOD LUCK!
Bernanke doesn't have a clue is right, months and months ago he spoke of no recession and soft landing, fast forward to today and he is talking as if he has been talking a severe recession since 2006. He knew what was going on. If Obama wins bernanke is getting replaced very quickly.
When I see guesses like these, I could only say one thing. The bottom occurs when all the bottom pickers throw their towels too. This bottom is going to last a long time. At least six months. A lot of sideways periods in between. Slow downward movement. It's going to squeeze out a lot of traders. April 2009 might be a good time to start accumulating. But then, I don't know what I am talking about most of the time. Just another guess here, for the fun of it.
In addition, that doesn't actually happen at very many market bottoms. Read the guy at Lowry Research (his name escapes me) instead of Cashin...he's reviewed decades of data during bottoms and tops (which are very different, BTW).