Time to hunker down and go to cash. This is just the start of the bear market. Remember the 2000-2001 tech wreck? That took a couple of years to play out. According to Peter Schiff, we’re in for a really prolonged bear market this time. And both Roubini and Denninger say that for 2008, cash is king. There will probably be a bounce in the market here near term. Anyone long should take that opportunity to get the hell out of the market. You may not get another chance. My targets are about 10000 on the Dow, and 1000 on the S&P. We have a long ways yet to go. 2008 is all about capital preservation. If you can do 5 percent on your money this year, be grateful.