Patience is a hard virtue. Where are the warm days of a bull market? Buy pullbacks, leisurely take profits on rallies, and never fear to overstay a trade because the rising tide will eventually make up for most mistakes. Not so in a bear market. The declines are vicious but brief, followed by sharp rallies; good timing is essential. This bear is growing old, but an aging bear can give a vicious fight, and taking out the November lows would not be one bit surprising.