I'm actually considering betting the DJIA to drop to the 8500-9000 range by the end of 2009, mostly because of fears of runaway inflation and the cost of Obama-supported legislation.
I'm with you on this one - maybe even will go lower. The only bubble left to blow is the government spending one and that can't have a happy ending if it keeps going the way it's going. There's still way too much debt out there and Enron style balance sheet accounting going on. Without transparency and truth in reporting, The consumer is tapped out and not able to come back any time soon. I'm scared to bet on the market at this stage.