Australia is officially now in a bear market by quite a margin, but the real question is where do we go from here? The answer is...further down. Much further. Despite all the doom and gloom, Australia's ASX - and indeed much of the developed world's exchanges - are still only down to the levels they were some time around 1 year ago. But we have had dynamically explosive growth for much longer...and I predict we thus have much longer to fall. Hold on to the bargain hunting instinct for now, there are better prices to be had in a few weeks time.

Right now, the blood in the streets is touching your cuffs.

Don't write out the cheques until you can swim in a sea of red all the way to your broker...