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[2cents]

A funny thing happened on the way to "0" % interest rates. The markets kept falling. There was an echo boom in real estate in the early stages but it didn't last more than a year and then they were cut in half. The hyper inflated early stages that persisted couldn't be countered by rising interest rates during the depression. The only cure was a long and agonising purging process that took the better part of 10 years to complete. Of course in Japan you couldn't just walk away from a property just because the price declined under the mortgage so the price erosion took much longer than it should here. I expect the Fed will run out of ammo by summer. We are already on the verge of hyper inflation in the real cost of living, so the question is will it reverse to deflation as it did in Japan, and of course how long will this take. Having said that I'm a buyer sometime this morning. Hopefully we reach the declining neckline in a few days. Then we can reverse the process for the long haul down. I believe we can get down to 7800 to 8200 over the longer term. The bullish indicators are already the lowest they've been in 4 years so that sentiment will need to be worked off before any meaningful decline can begin.