Investors looking for a V-shaped, “buy-the-dip” market recovery were sorely disappointed last week as the major indices took another tumble.

The Dow Jones Industrial Average (DIA) lost another 541 points or 3.2% to close at 16,102.38 while the S&P 500 (SPY) dropped 68 points or 3.4% to 1921.22. The Dow is now solidly in 10% correction territory from its 18,351.40 closing high earlier this year and down 9.7% year-to-date.

The S&P 500 is down 9.8% from its 2,134.72 closing high in May and down 6.7% year-to-date.

The Nasdaq Composite Index (QQQ) also fell 3%, or 144 points, to end the week at 4683.22, also in 10% correction territory from its all-time closing high earlier this year of 5,231.94 and down 1.1% year-to-date.

This was the second worst week of the year for U.S. stocks, topped only by the 5% drop two weeks earlier.

As you’ll see, we have every reason to expect this slaughter to continue, but there are some very compelling plays for upside here for us…

The Pundits Can’t Just Talk Up a Rally

The reasons for the market decline are numerous: fears that the Fed will actually raise rates at its next meeting in a couple of weeks (which would be a good thing); increasing acknowledgement that China’s economy is not only a mess but a mess that won’t be fixed anytime soon; and continued weakness in commodity prices.

But do not despair – none of this is deterring Wall Street “strategists.” In a new Barron’s survey, Wall Street strategists (an oxymoron in and of itself) called for the S&P 500 to rally by 10% to 2150 by year-end.

Maybe they’ll be right and maybe they’ll be wrong, but the one thing that can be said about these so-called experts who are never bearish is that they are never in doubt and never short of reasons why markets should grow to the sky.

Why Barron’s even bothers to publish their predictions and why anyone would take them seriously is beyond me, but these clueless folks are best regarded as the pundits who try to pick the Super Bowl winner at the beginning of each NFL season.