Revisiting the Recession Playbook

Editor's note: This column was originally published on RealMoney on Jan. 23, 2008 at 9:27 a.m. EDT. It's being republished as a bonus for TheStreet.com readers. It is a follow-up to Roger Nusbaum's column "Recession-Proof Your Portfolio," published last September. For more information about subscribing to RealMoney, please click here.

For most of 2007 in some of my writing both for TheStreet.com and my blog I have been expressing my opinion that the current bull market /expansion would be coming to end. This was based on two things primarily; the abnormally shaped yield curve and the length of the bull market. In fact I think the high from October will be the high for the cycle .

In an article from Sept. 10, I went sector by sector talking about which ones are better to overweight and which ones are better to underweight for anyone who does think a bear market is coming.

I revisit this now because more people are open to the possibility that a bear is here or coming imminently, although the market is transitioning from down a little to down a lot, it's still not too late. (This is how bear markets start; the roll over slowly over a period of months giving you plenty of time to take defensive action) ...