Expectations

we don’t expect the current recession to end until late 2009, which means equities may not put in a durable bottom until the first half of 2009

Tobias Levkovich, chief investment strategist at Citigroup, cut his year-end targets for 2008 and 2009 for the S&P, admitting that things just haven’t worked out as expected this year. He now sees a year-end 2009 S&P at 1000, and 2008 at 850, for what that latter prediction is worth now.

http://blogs.wsj.com/marketbeat/2008/11/24/the-standard-poors-49ers/