Violating the lows of the last 7 years is going to be a tragedy for the retirement accounts of millions. If this ends as you say, I need to rethink my long term strategy. Whoever has the most capital intact at the end of the secular bear wins. By the way I am tending to agree with your prognosis. We probably will have to wipe out the entire ramp from 95 before the market can move on.
I've been thinking the healthcare sector would be the "place to be" in the future. What with demographic trends, do you think drugs/hmo's/hospitals will suffer the same fate as the overall market?
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