Two three years? That is a long time horizon and may include another cyclical bull move before the killer last bear move in the secular bear market.
If you look at investing in the July-November time period for a run into early 2006, and I have no visibility post that time period (my map actually has, for now, a double bottom in October, and repeat in December like in 1987).
Some ideas might be waiting for QCOM to drop to the $25 range might be a good target, but mind you, if $23 fails on a closing basis, the coming bear may be worse than expect and QCOM could drop back to the $12.5 to $13 area.
The same applies to IGT, I expect a low in the $24/$25 area, but if $23 "gives", then IGT could easily become a middle teenager.
As for big pharma, though to say, typically they are heaven during bear markets and their current valuations are attractive, but on the other hand, in the health care sector, you really want to look at companies that are reducing the cost of health care delivery. We already are spending 15% of GDP on healthcare and we cannot spend much more, so something has to give, and excessive drugging of America is one thing that could give. I would not be surprised to see congress to move to ban again drug ads from TV, a major source of over subscription. That will be an additional shoe dropping on the sector, on top of the Vioxx/Celebrex controversy.
