I wouldn’t give up entirely on the theory that you can have some kind of rally develop soon, for one simple reason: The news on the economy has been horrific. Economic news will stay bad for quite some time, and the global economy will continue to deteriorate. But many financial markets already have discounted the bad news.
And the news over the next three months might not be quite as bad. There can be a rebound in housing starts or exports.
We are now more or less in an area where the market, after a final selloff, can have a reasonably good rally.
The Nasdaq 100 has not made a new low that does not have financial stocks in it, is still above the November lows, so I would not give up entirely on the theory that we can still have some kind of a rally developing relatively soon.