THE greatest Bull Market in history has been mortally wounded. We've just begun an equivalent Great Bear Market that will be as swift and prolonged to the downside as was the bull to the upside.

DJIA 10,000??? Not anytime soon.  Here's why:

First and foremost, from an Elliott Wave perspective, we think the market has begun the first of many "5 waves" to the downside, which should carry the market well below 5,000 at a minimum.

From a technical perspective, despite the June-July rally in the DJIA, the NASDAQ and the Internet stocks, the broader market has been very weak over this period. We think the market has run out of gas, nary a service station in site. Plus, there's a huge hole in the gas tank, and the carburetor is clogged. In "short," there's nothing to do except coast downhill.

From an economic perspective, the deepening Asian depression is just starting to affect the US. Look for the vast majority of corporate earnings reports over the next 6-12 months to be deeply disappointing and disheartening.

From a contrarian perspective, can anyone cite more than a handful of credible long-term bears? We can find hardly anyone outside of Bob Prechter, of Elliott Wave International. Most Wall Street anal-ists are looking for yet another short-term 10% "correction," one that will become another buying opportunity. The dip-buyers are salivating. Virtually no one is screaming:

Apparently the markets have immediately heeded Alan Greenspan's testimony before Congress, where he warned that a crack in the markets is inevitable. The question was just when. Well, we think it's NOW!

We think the market has fundamentally turned from north to south. Future market surprises will be to the downside, and future rallies will be brief, choppy, and unconvincing.

Many great fortunes will be made shorting stocks and buying puts over the next 3-5 years.  bearmarketcentral.com is the place to be to keep abreast of the latest market action. We will be updating and enhancing this site to help you navigate and profit from this Great Bear Market.

And oh yes, we are looking for a major crash in the US markets this October. Stay tuned!!

Agree? Disagree? Send us your thoughts!

Grizzly
Please read the disclaimer.

From the 1987 post-crash lows to yesterday's new all-time high of 9369, the Dow Jones Industrial Average has tracked a remarkable and unprecedented performance. But the fat lady is singing, loud and clear.

There is a growing body of evidence that concludes the market has peaked. Virtually all the indicators, technical, fundamental, momentum, monetary, and economic, are flashing sell.