I strongly agree with the posts by 4plexowner and peterb, essentially warning everyone: “when you are sure this US stock market has bottomed, think again (because it might still have a very nasty leg down ahead of it)”

Just guessing here, but this is the future I envision:

I think US stocks will eventually come down to about 600 or 650 (S&P500) then I’ll jump to ride the expected nice fool’s rally, and sell as soon as it has come up say 20%. This will be sometime in 2009. Then after the mini-rally, I will get out of US stocks and stay out, but I will buy heavily into Chinese stocks when I see Shanghai index fally below 1200.

So I believe returns for US stocks will be horrible for many years to come.