Hmm...
Honestly I think the first 3 months of next year will probably see a big rally. Some market researchers are predicting that Fed will cut at least 50 basis point early next year. Then again, that period would coincidently be the time when the financials finally announce how much will they write down especially CitiGroup and HSBC. These are the two that already loaded the SIVs onto their balance sheet and it will hurt their earnings report.