He also observes that the average bear market fell another 13% from that point, giving a clue to where the bottom may be if things do indeed take another turn for the worse.

"Therefore, if the current decline were to become another bear market, and follow the historical pattern (and there's no guarantee it will), the S&P 500 will cross the 20% decline threshold by January 2012 (closing below 1091) and ultimately bottom in the low 900s by mid-2012," he writes.

>>To see these stocks in action, visit the 9 Stocks With Low Volatility, High Dividends portfolio on Stockpickr.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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