Looking at any of the popular indices such as the Nasdaq 100, it is relatively easy to view the bear market in equities as very "long in the tooth" after three long years of substantive declines. But the long-term chart above of the Value Line Index suggests a different story. From its current level near 930.58, the Value Line Index still points toward an immediate decline toward 872, followed by a bounce toward 911; then another decline toward 830, followed by a small bounce; and an eventual target all the way down at 779.90 -- perhaps several years from now.

If this vision comes to pass, it is not Armageddon, but it will remain a bear market.

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