Global Meltdown: It's a Flaming Bear Market

2008 is starting off on a bearish note, and here they come and on fire.

Stock Tumble Drives 43 Benchmarks Into Bear Market> Bloomberg
More than half of the world's biggest stock indexes fell into a bear market as mounting concern about a U.S. recession dragged down banking and retail shares across Asia, Europe and Latin America.

The MSCI World Index's 3 percent decline yesterday, the steepest since 2002, left benchmarks in France, Mexico, Italy and 35 other countries at least 20 percent below their recent highs. Declines today turned Greece, India, Indonesia, the Philippines, Saudi Arabia, Slovenia, South Korea, Taiwan and Thailand into bear markets as well.

U.S. stocks tumbled for a fifth day, the longest stretch of declines in 11 months, after the Federal Reserve's emergency interest-rate cut failed to persuade investors the economy will avert a recession.

The Bear Market In Charts Seeking Alpha
major risk of taking money out of the market when things are bad is taking it out too late and then putting it back in too late with a consequent permanent loss of return. It is late, but perhaps not too late to take some equity money out of the market. The direction and momentum suggests that there may be enough additional damage to come that some advantage could be gained by raising some cash even at this late date.