S&P down 10% for year

Wow, it's only January 18th and the S&P500 is already down almost 10% for the year, closing today at 1325. If you remember my prediction just 9 days ago was that 1322 by year end was a pessimistic prediction. Of course, there's a good chance of some sort of bounceback in the next 11 months, but any way you slice it 2008 is going to be a rough year for the market. I hate looking at my 401(k) balances; at least I'm buying some cheap shares - thank God for dollar averaging in down markets.