Doubt it will drop below the ~11k mark, and really don’t see it dropping below the 10k mark barring an unforeseeable and significant event–like a nuke going off in London or tsunami hitting Long Beach harbor.
Credit crunches and overheated RE is one thing, but the market isn’t in bad shape–maybe just a bit expensive (P/E-wise) when the new earnings reports roll in over the next 18 months. THe current PE is reasonable, but the ‘E’ part will take a hit during the contraction–already in progress IMHO.
