Attach please find the most recent piece put together by GS's buy-side research team(Investment Strategy Group), now share with you just FYI.

Of particular interest is the second to last section “What is the Downside to Equities?”.  Inthis section using a variety of metrics,  a S&P level of 1000 to 1050seems like a reasonable downside level assuming a typical recession experience(though a recession is neither ISG’s nor GIR’s base case).  The market hasalready moved quickly towards these levels suggesting that a recession is alreadybeing increasingly priced in (I think that at current levels, a 2/3’s chanceof recession is priced in).