Wow, I had not realized the S&P was already touching the 15% decline point!  So I should retract my statement that I won't buy in.  I think that at the 15% decline, I see this market on sale and I think that even if the market was beginning to price in a recession, it would be a shallow recession.  Now, I will only put something like 20% back in and wait for the 20% decline mark buy another 30%, then at 25% put the rest back in (which would be 40%).