As some point the US economy is going to pick up again rapidly. Currently housing is poor and and economic gropwth is very slow. but eventually there will be signs of resurgence and when that time comes there will probably be a rate hike of anywhere from .25 to .75 point in the next few years, as has been the case all over the world as emerging markets have boomed. It seems foolish to assume the US economy isn't going to pick up because it will as it always has in the past. These necessary rake hikes will will cause a kneejerk painful selloff of 10-15% or more of all the indexes which may last a year. At some point, investors will realize that low rates don't mean everyting and that economic growth is actually a positive; not a negative. The dollar will rise along and so will the market. Trying to time when this will happen is very difficult but there will probably be a rate hike of .25% within a year. After the market regains its bearings the rally which began in October 02 will continue in full force. Sometimes I wish the fed would just raise rates by a quarter point to get it over with. It would be such a refeif even though it would trigger a selloff.