Bear markets have three stages - "sharp down, reflexive rebound, and a drawn-out fundamental downtrend."

In this market, investors will need the margin of safety that a low price brings. 

The crash was just the end of the beginning. Now comes what could be many months of head-fakes and hopeful rallies that wind up in dead ends. You'll be Charlie Brown charging the football with head held high, only to land flat on your back.

Bear markets have three stages - "sharp down, reflexive rebound, and a drawn-out fundamental downtrend." 

Where it stops, nobody knows, but a portfolio with strong defensive stocks stands a fighting chance.


http://myinvestingnotes.blogspot.com/2008/12/five-tips-for-buying-stocks-in-bad.html