I don't agree, if we reach ajtj high of 1448 or so around here, a 40% to 48% decline means 580 to 700 Naz points, or 870 to 750 on the Naz. While from a valuation point of view, that is not impossible, it implies an economy that is still contracting and at a rate of more than 2%, I just do not see that kind of economic decline in the next six months. The next major cyclical bear market in this secular bear could get us that low (I have no more than 950<right now the model has a "nominal 873, but that is so far away, it is meaningless> on the Naz for the next cyclical bear and 6000 on the Dow, but that could definitely change).
Zeev
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