The US equity markets are still stuck in the mud. If we have a rally in early 2009 it would probably stall near the green GAP level show in the charts below and then fall back down towards the november lows of 2008. One the other hand, if we can't even manage to rally at the start of 2009, then we will trade down directly towards november 2008 lows.. and even below. In both cases we will go down towards the november 2008, the only question is when !! I rule out any sustainable advance in 2009 i.e (New Bull Market). Not in 2009 !!!!
