If history is a guide we've farther to fall. I've told many of my friends that stocks will fall another 25-50% on average. As you can see from the graph above we are currently at a Price/Earning's ratio of 12. (The graph above doesn't reflect the markets continued fall)
After the great depression stocks fell to an average PE of $2-$4 a share. This occurred again after World War II and in the early inflationary 1980's. I think the S&P 500 will go to 300-400 which would mean we have a 43%-57% drop ahead of us. The world will be very scary if this happens. Civil unrest is already happening around the world and expect it to continue. It's time to buy both Gold and Guns!