Bull Mkt. Top Bear Mkt. Bottom Duration % DeclineMay 1951 Dec...

Bull Mkt. Top Bear Mkt. Bottom Duration % Decline
May 1951 Dec 1952 19 months -33.5%
Sep 1960 Dec 1960 3 months -19.2%
Jul 1964 Sep 1965 14 months -17.7%
Jan 1970 Nov 1971 22 months -34.6%
Jan 1973 Oct 1974 21 months -54.1%
17 Nov 80 8 July 82 20 months -36.1%
21 Sept 87 11 Nov 87 2 months -49.7%
29 Aug 89 16 Jan 91 17 months -26.6%
22 May 92 16 Nov 92 6 months -17.8%
3 Feb 94 8 Feb 95 31 months -18.7%
7 Mar 02 13 Mar 03 12 months -19.1%
31 Oct 2007 15 Sep 2008 11 months -31.0%
so far