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By any definition I am familiar with, we are not yet in recession but this investment "guru" says we are and that a 40% correction on market is coming:

Michael Belkin, author of the Belkin Report, declared the U.S. to be in recession, or very close to starting one, pointing to stock market highs on Sept. 14 – the day after Bernanke announced QE3 – as the harbinger of the downturn. Belkin said that his research of the past 110 years found that economic expansions last about 45 months; taking out the last three expansions which he said were fueled by Fed policies, that number is about 37 months. Somewhat ominously, he noted that the current expansion has lasted 40 months.

“It’s usually two to three months from the market’s peak to the start of the recession,” said Belkin, who added that on average recessions over the past 110 years have lasted 15 months and seen a 31% decline in the Dow Jones Industrial Average.
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Wow, now there is someone whose investment advice I would avoid!
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