575.
And that may very well be this secular bear market's final low, though it is more than likely that that level will be retested at least once after we hit it. Say in 2015.
We are in denial about bad debt, which is typical behavior for a drunk. It's the evil flip-side of human adaptability. We can put off the final reckoning seemingly indefinitely, but we'll be drawn and gaunt when we do hit bottom.
If we're lucky no one will mug us before we come to in the alley.
