How Much Further Do Equities Have to Fall?

The S&P500 is currently hovering around 800, almost -50% off of its October 2007 high.  And while the first optimistic pieces are starting to pop up in main street media, a number of sources – including some of Wall Street’s powerhouses – suggest that the S&P500 will bottom in the 650-700 area.  That’s another -12% to -19% from where we are today.  If you take a look at the below flurry of indicators (courtesy of JPM/Bloomberg/OECD) you get a sense for what these predictions are based on: bad news across the board.

What do you think – are we anywhere close to a bottom?