Where we're at:
SandP: 870.74
DJIA: 8591.69
10 yr (^TNX): 2.676
SandP P/E: 15.37

cash: 40%
equity: 30%
bonds: 30%
YTD: -16.11

I would characterize this market as more of a trader's than investor's market. My new term for it is “market whiplash”. The VIX has been above 20 since September. On the bright side, Jeremy Siegel postulates that the S&P is undervalued by ~500 points given operating earnings of $83 and a P/E of 16.6. Also, I did not get laid off (yet). A biz aircraft pundit is predicting this downturn to be worse then 2002-3, when my employer laid off 3,000. Great, only 2,500 to go.

Health, family, home, job, investments...in that order.