The S&P, then and now

Fibonacci laying over the March 2003 to October 2007 rally reveals interesting levels:

38% ~1285

50% ~ 1197

1285 had come into play throughout 2006 and more recently in March of this year before the index made an assault on 1200 July 15th.  My 1275 makes even more sense now.

Check on the performance of Biotech during the 1990-91 recession.  My hunch is you'll want to be in financials and biotech during the recovery.  When to go long, therein lies the rub.