Last week’s decline of 1% in the S&P 500 marked the full reversal of the 12% rally that had taken place from mid-March to mid-May as the worst of the financial crisis passed. This disappointing decline returned the index to a 19% peak-to-trough loss since the all time high on October 9, 2007. The last time the S&P 500 was down 19% from the peak was in mid-March as the failure of Bear Sterns marked the worst of the financial crisis. Market participants have shifted focus from the financial crisis to the oil crisis, as can be seen in the respective number of Google searches.

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http://www.mwboone.com/blog/LPL_Weekly_Commentary_7_8_08.pdf