Traders are still optimistic from there 20 years of experience as seen in the quick rallies. They keep thinking this is a bargain and it’s time to rally. But consumer spending was very high the last several years it is hard to match that type of spending. Why invested in stocks that are not going to grow. Most stocks will be unlikely to grow because there is and will be less consumer spending. The stock market will do worse then the economy. That is the economy probably won’t grow enough for publicly traded corporations to see substantial growth. Without growth why invest. Without invertors the stocks will gradually decline. 2008 may get a rally because of the premise that "stocks always go up" but by mid 2009 patients will were thin and the market will be lower then it is now.