I skipped the 1920,s. We all know what happen then. 1955 21% decline 1960 20% decline 1965 (two bear markets) 22% and 36% declines 1975 48% decline 1980 27% decline 1985 34% decline 1990 20% decline 2000 49% decline. We have only come off 8.8% of so from the highs. I am still short the market, have been since shorting in to the fed rally. However, we are not close to a Bear Market yet. Question is, will the recession truly be mild, only to bring the market in to a very short lived BEAR that may touch a 20% decline or even less? Thus, not truly becoming a BEAR MARKET? Based on the evidence so far, looks so. The powers that be have pumped in massive capital, SWFs, have saved most of the top banks from going under and the the FEDS will continue to cut rates. With all this Band Aid coming it, I have to rethink my position of the Market going into a Deep long Bear, for now. The recession will hurt those who are extended beyond their means. Cost of living will rise and Oil will punch through 100. I think gold will bring a great buying opportunity soon. But as much as the "econ", the Financial Systems are fucked up, as much as I want to believe that we are going to have a serious bear market, evidence points other wise. I'm not saying the Market will rally. The Bull will not be here. I think we will have a choppy, market that will dry up by summer, which is around the corner. Just some observations.