Bloomberg has an article, Q Ratio Signals ‘Horrific’ Market Bottom, CLSA Says, that's worth reading. The Q ratio, "compares the market value of companies to the cost of their constituent parts,". This ratio was developed my Nobel Prize winning economist James Tobin. At the bottom of bear markets, this ratio is .3. We are currently at .7. That does not point to anything good.
Nevertheless, the article suggests that before the 2014 trough, we could rally in a bear market. Why? The central banker's measures will work (read: deferring deflation), but they will have bankrupted the country and the currency will crash.
Tobin is also the author of Anatomy of a Bear. I've a B&N gift card, and I'm going to get this book.
Admittedly, I'm having some trouble calibrating my own sense of risk in this market. Having been careful to preserve my capital, I don't want to head willy-nilly forward. I'm mindful that if we are to get a rally (even of the bear market kind) there will be time to catch it.