This opening rout in the opening several days of the year has broken whatever last residual hope the bulls might have had. So I really do think we started upon a Bear Market. These things can last for 6, 7, 8, 9, 12 months. Already from the highs in my International Index we are down 16 percent. We are only Five or Six percent in the US, we probably have another 10 or 15 percent to go on the downside.
All markets, all economics is a study of peoples propensity to do something. I think after what's happened in this opening week, the propensity of people to step up and buy has reduced. The propensity to step up and sell has increased. I think you err on the side of being Bearish for a while. I think this could last another Six to Seven months on the downside.