Check out Société Générale's Albert Edwards recent research report on the market (Albert Edwards: "We Are Returning To 450 On The S&P (charts) - zerohedge.com). He sees the Long Treasury Bond/S&P inverse relationship continuing (bonds up, equities down). I posted a chart of TLT/SPY yesterday and you can see the clear relationship. It looks like Treasuries/S&P took over the US Dollar/S&P inverse relationship recently which is interesting.
This call is similar to Charles Nenner's target on the Dow: Charles Nenner's Cycles See Dow 5,000, Gold 2,500 in Few Years (Deflation, Military Conflict). Folks, if these people are right, that's a 50%+ haircut from here. You can protect yourself from these targets with far out-of-the-money put options (disaster insurance) and probably on the cheap. For more on Albert Edwards read this NYT piece from August 9: The Rise of the Permabears.