I am not swooping in for bargains in the short term. Equities were buttressed by corporate bond fueled buy backs and dividends, and that is going to happen far less now. China has yet to face the music, and the Fed will continue to raise rates. These are not the makings of a bull market, and thus, I sense no urgency to get back in when the getting is good.
Could the Dow rally 23% this year? Sure, but it could also fall 23% and I would be a little bit less surprised.