macrae revised earnings for the s&p came out this week at $48.52 for 2009, give it a bear p/e of 9 considering the scale of the coming lengthy recession and we're looking at the s&p index potentially hitting 436 which is 45% more downside.
to make things even worse, those earnings can continue to keep being revised down.
i still think the bear is no where near finished but there will be some amazing rallies along the way to be cashed up and ready for.
