I think the potential for any kind of decline is dead. The Dow is a Moonshot to 18,000 before the end of this year.
This is the Age of the Billionaires and the Billionaires are all piling into the Big Caps...and the Dow. The FED is now totally out of the picture except to fund the rally. The only thing that stops the rally now is the 2008 elections...as the public outrage about gas prices and job loses mounts.
But the market can go a lot higher between now and 2008