I could see us maybe being roughly flat the rest of the year, or trend up to 1700-1750, but simply do not think the powers that be would allow a drop more than we already got. It would be too dangerous for the economy.
I sure hope your voice is that of the majority. That would just mean the rest of us get to profit from the coming decline.
Bernanke has said loudly and clearly that he fears what will happen once they taper, and just HOPES that it is not too bad. The REAL danger to the economy is if they continue to pump the bubble, and they know that... the rest of us know that they have already pumped it too far.
The Fed has successfully inflated asset markets into bubbles. Maybe now we just go sideways for 5 years. Anyone considered that? Even the notorious bear John Hussman thinks the S&P will return 3% for the next 10 years.
You know we may be over thinking this. I know a couple people who just went all in on some stocks they "believed" in like NFLX and GMCR and they've made 200,300% or more in a year or less. They think they're Peter Lynch! And they're right, it's impressive to make those gains in NFLX, especially if they know how overvalued it is. It takes balls to hold something that's worth 30 and ride it to 240.