Stocks are now down about 15% -- how much further could they fall?

Doug Short, Advisor Perspectives A few months ago, I noted that stocks were so frighteningly expensive that they could fall more than 50%. I also noted that that would not be the worst-case scenario. Well, since then, stocks have fallen sharply, and they're now down about 15% off their highs. So how much further could they fall? On a valuation basis, I'm sorry to say, they could fall much further. It would take at least another 30% drop from here — call it 1,200 on the S&P 500 — before sto...